“Following what was a catastrophic year in terms of domestic equities΄ returns, we expect the Athens market to gradually stabilize and possibly commence to slowly gain some of the ground lost, especially as long as foreign markets refuse to correct”, says Pegasus Securities in its morning report.
Pegasus also expects the General Index to trade on positive grounds today, although the announcement of Piraeus΄ details concerning its rights issue would probably assert pressures. “Technically, we expect the General Index to trade in the 1,410 - 1,425 units region, which consist today΄s 1st support and 1st resistance levels respectively.”
Performance of Spanish and Portuguese bonds will be crucial to the issue of Eurobond, according to Pegasus.
Despite the very negative sentiment and several extreme scenarios, Pegasus believes that the Greek market can record an upward move to 1700 units, which would alleviate major distortions in the banking sector.
Across the board, the General Index is at 1417.20 points, up 0.23%, within a fluctuating margin of less than 15 units. So far, approximately 11 million euro have been traded in the Athens Stocks, while a total amount of 46 stocks move in positive territory, 31 decline and 15 remain unchanged.
Banks rise by 0.69% at 1259.56 points, as Alpha Bank gains by 1.58%, National Bank moves up by 0.99% while Bank of Cyprus and Hellenic Postbank post 0.3%-0.4% gains.
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