Athens market was supported by the profits of PPC, Alpha Bank and National Bank, as the General Index moved slightly upwards in a session with low turnover.
The market’s recovery will be gradual and influenced directly by the developments in the European Union, according to analysts, who expect increased volatility and avoid-risk stance for the next period.
The market’s recovery will be gradual and influenced directly by the developments in the European Union, according to analysts, who expect increased volatility and avoid-risk stance for the next period.
Banking sector remains on spotlight, as Greek bond spreads maintain their six-months highs, and the implementation of fiscal adjustment is still a main cause of concern, analysts say.
Performance of Spanish and Portuguese bonds will be crucial to the issue of Eurobond, according to Pegasus Securities. Additionally, capital increase of Piraeus Bank and Marfin Popular Bank will also be in the centre of attention.
“2011 begins with a more optimistic outlook for the global economy compared to the same period last year but also with many challenges for the Greek economy, with the first three months appearing very crucial as the government is called to pass many critical fiscal and structural changes including the opening up of closed professions and changes in state controlled enterprises", according to Marfin Analysis.
Across the board, the General Index ended at 1419.66 points, recording a rise of 0.40%, after a fluctuation of about 16 units. 12.85 million units worth 43.03 million euro were traded, while a total amount of 80 shares posted gains, 64 declined and 143 remained unchanged.
Banks moved upwards, shaping at 1,259.38 units, up 0.67%. The performance of Alpha Bank and National Bank stood out, as their gains were 1.84% and 1.82% respectively. Marfin Popular Bank and Hellenic Postbank rose by 0.87% and 0.68% respectively, while ATE and Geniki were under pressure, shaping at 2.70% and 2.36% respectively.
