European developments
regarding a permanent and comprehensive solution to the debt crisis remained a market catalyst, according to analysts.
They stress the improvement of market’s both sentiment and technicals this week, while Friday’s decline is considered a favourable technical correction after a long and sharp rally.
Pegasus Securities comments on its weekly report that the Greek market’s course surprised even the most optimistic investors this week, as the General Index covered five-month losses in less than a month.
The shrinking of Greek bond spreads and credit default swaps will continue to contribute to the positive sentiment, while any upgrades or rating change, along with the implementing of the privatization program will have a catalytic role, according to Pegasus.
Next week, the market will focus on the new Greek treasury bills auction, the announcement of Coca-Cola Hellenic’s results and the finalization of Marfin Popular Bank’s capital increase. Of course, highlight will be European Summit’s outcome.
Across the board, the General Index ended at 1661.68, down 0.8% after a fluctuation on 47units or 2.81%. Approximately, 85.35 million units worth EUR146.62 million were traded, while 107 shares declined, 75 rose and 102 remained unchanged.
Banks lost their early gains of 2.2%, ending at 1476.22 units, down 2.51%. Alpha Bank , Piraeus Bank and Eurobank declined by 7%, 3.59% and 3.01% respectively, while National Bank lost 1.68% and Hellenic Postbank and Bank of Cyprus by 1.2% Marfin Popular Bank remained unchanged.
Across FTSE20, Coca-Cola Hellenic rose by 2.79%, while OPAP and Ellaktor gained 2.56% and 2.03% respectively. Titan rose by 1.5% and Viohalco by 0.43%. MIG and PPC retreated by 3.95% and 3.76%, while OTE and Mytilineos declined by 2.15% and 2.01%.
source: capital
