Wednesday, June 29, 2011

Greek Banks Push ASE Higher

Greek banks continue a mini-rally on Wednesday, following profits of 5.78% in the last two sessions. Today’s profits exceed 5%.


Ahead of the final act of the political thriller regarding the vote of the Medium-Term Fiscal Strategy, the market anticipates a positive outcome, moving towards 1,290 units with relatively increased turnover.


“The market demonstrated yesterday great anxiety to price-in its expectations concerning today’s (constructive) medium-term plan parliamentary vote, as well as positive developments coming from the French (Greek Government Bonds) rollover plan proposal”, said Pegasus Securities in its morning report.


“Despite failing to close at their intraday highs, large-cap equities remained strong throughout the session, with banking stocks continuing to be in the epicentre of investors’ interest”, it added.


Pegasus expects aforementioned productive context to continue to drive the market in positive territories today, especially if the outcome of the voting is favourable for the Greek Government.


On the board, the General Index rises by 2.54%, at 1,290.55 units, moving into positive territory since the opening. The turnover stands at €43.5m, while a total amount of 90 share rise, 27 decline and 23 remain unchanged.


Banks jump by 5.08%. Eurobank and Alpha Bank soar by 5.52% and 5.26% respectively, while National Bank and Marfin Popular Bank rise by 4.90% and 4.76% respectively.

 
 
 
 
 
 
CAPITAL