In a climate of summer flatness, on Wednesday the ASE General Index closed with minor losses after sign changes and despite banks’ gains of 0.7%.
Tomorrow’s European Union Summit is considered a catalyst for the market, being at the centre of attention of the –few in ASE- investors. Analysts speak of a difficult task, as European leaders are required to solve the problem avoiding a decision that would be considered a “credit event” by the rating agencies or cause a downgrade of Greek credit rating to “selective default”, while the risk of contagion from peripheral to central Eurozone is growing.
The outcome of the Summit would determine the future course of the ASE, the Greek economy and the European debt crisis, analysts note, expecting fluctuations to intensify in both domestic and international exchanges.
A “favourable” outcome (a “final solution”) could provide a strong upward reaction after a long period of trading weakness, while a further slide should not be ruled out if EU leaders fail to reach to a comprehensive solution.
On the board, the General Index ended at 1,184.35 units with minor losses of 0.29% after moving between profits and losses into a narrow margin of just 12 units.
On Wednesday, approximately 17.63 million units worth €50.84 million traded, while a total amount of 61 shares rose, 61 declined and 158 remained unchanged.
Greek Banks posted intraday profits of 1.86%, before ending at 819.89 units with profits of 0.71%.
Bank of Cyprus, National Bank and Piraeus Bank topped FTSE20 with gains of 1.85%, 1.61% and 1.18% respectively. OPAP and Viohalco rose by 1.10% and 0.97%, while OTE gained 0.52%.
Marfin Popular Bank, ATEbank and Ellaktor remained unchanged, while Titan and Coca-Cola 3E fell by 2.79% and 2.03% at €14.97 and €18.80 respectively. MIG and PPC declined by 1.96% and 1.69% respectively.
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