The General Index of ASE moves downwards on Thursday, in the wake of Greece’s downgrade by Fitch, while the debt crisis threatens now the U.S. after a Moody’s warning.
Yesterday, Fitch Ratings downgraded Greece’s credit rating to “CCC”, citing the lack of specific terms in the new support program to the country, the uncertainty regarding the participation of the private sector and in the program and the weak macro outlook of Greek economy.
At the same time, Moody΄s put U.S. ratings on review for downgrade, because of uncertainty regarding the agreement on the debt ceiling.
Market analysts estimate that the political situation is so fluid that developments could occur anytime, determining the short-trend of the market, while everything depends on the European leaders’ decisions in tackling the debt crisis.
“A solution that would satisfy all sides to some extent, is the most likely scenario”, an analyst told Capital.gr. He also stressed that the recent negative news flow creates a climate of intense concern.
On the board, the General Index is at 1,184.97 units with losses of 0.45%. The turnover stands at €21.73 million, while a total amount of 67 shares decline, 34 rise and 27 remain unchanged.
Banks decline by 2.02% at 802.98 units. Piraeus Bank, Hellenic Postbank and Marfin Popular Bank fall by 5.75%, 4.17% and 4.00% respectively, while ATEBanrk loses 3.13%.
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