Athens market moved in a mildly corrective mood on Monday, limiting its early losses of 1.8% for the General Index and 2.9% for the banks.
The total turnover was significantly thinner compared with the recent upward meetings, while the downward trend is attributed in accumulation movements at current prices, according to analysts.
They state that today’s decline is considered ordinary and the market sentiment remains positive, while the short-term trend is still upward in the wake of the EU Summit. The attention on Monday was turned on the meetings of major ministers with EU/IMF officials, along with the scheduled auction of EUR300mn Greek treasury bills on Tuesday.
Pegasus Securities expected a mixed session, with volatility continuing to be the market΄s main feature and the General Index gradually increasing its correlation with the course of markets abroad.
"Friday’s profit taking spilled into the session’s opening on Monday but now the market is stabilizing," Manos Hatzidakis, head of research at Pegasus Securities told Dow Jones Neswires.
"All eyes will be on Tuesday’s 6-month EUR300M T-bill auction where there are hopes for prices to improve from a similar auction in Jan where the yield came in at 4.9% due to improved GGB market prospects", he added.
"There is high volatility in an absence of news flow meaning that a firm direction could not be established," said Natasha Martsekis, director of institutional sales at Alpha Finance. Investors are on hold for 4Q reporting season to kick off Wednesday."
Across the board, the General Index ended at 1,653.63 units, down 0.48%. Approximately 36mn units worth EUR113.2mn were traded on Monday.
Banks’ losses limited to 1.46%, at 1454.65, after a fluctuation of 3.1%. Only Piraeus Bank rose (up 1.86%), while Eurobank and Marfin Popular Bank fell by 4.97% and 3.93% respectively. Bank of Cyprus and Alpha Bank declined by 1.5% and 1.29% respectively, while Hellenic Postbank’s and National Bank’s recorded losses of 1.21% and 1.19% respectively.
Across FTSE20, apart from banks, Viohalco stood out with gains of 2.6%, while OTE followed with profits of 1.2%.
The total turnover was significantly thinner compared with the recent upward meetings, while the downward trend is attributed in accumulation movements at current prices, according to analysts.
They state that today’s decline is considered ordinary and the market sentiment remains positive, while the short-term trend is still upward in the wake of the EU Summit. The attention on Monday was turned on the meetings of major ministers with EU/IMF officials, along with the scheduled auction of EUR300mn Greek treasury bills on Tuesday.
Pegasus Securities expected a mixed session, with volatility continuing to be the market΄s main feature and the General Index gradually increasing its correlation with the course of markets abroad.
"Friday’s profit taking spilled into the session’s opening on Monday but now the market is stabilizing," Manos Hatzidakis, head of research at Pegasus Securities told Dow Jones Neswires.
"All eyes will be on Tuesday’s 6-month EUR300M T-bill auction where there are hopes for prices to improve from a similar auction in Jan where the yield came in at 4.9% due to improved GGB market prospects", he added.
"There is high volatility in an absence of news flow meaning that a firm direction could not be established," said Natasha Martsekis, director of institutional sales at Alpha Finance. Investors are on hold for 4Q reporting season to kick off Wednesday."
Across the board, the General Index ended at 1,653.63 units, down 0.48%. Approximately 36mn units worth EUR113.2mn were traded on Monday.
Banks’ losses limited to 1.46%, at 1454.65, after a fluctuation of 3.1%. Only Piraeus Bank rose (up 1.86%), while Eurobank and Marfin Popular Bank fell by 4.97% and 3.93% respectively. Bank of Cyprus and Alpha Bank declined by 1.5% and 1.29% respectively, while Hellenic Postbank’s and National Bank’s recorded losses of 1.21% and 1.19% respectively.
Across FTSE20, apart from banks, Viohalco stood out with gains of 2.6%, while OTE followed with profits of 1.2%.
