Athens market moves below 1550 units on Monday, as Greek banks remain under severe pressure, while only 8 shares are in positive territory across the board.
Banks’ intraday losses reached up to 4.2%, with Bank of Cyprus facingthe most pressure, losing 7.19% in the wake of the announcement of its financial results for 2010. Marfin Popular Bank is scheduled to announce its financial results after the session’s closure.
Across FTSE20, Coca Cola 3E manages to post profits of up to 1.34%, while Jumbo is marginally in green.
Pegasus Securities comments that “investors’ confidence continues to be low, as a result of the wrong maneuvers realized in the banking sector that have not yet allowed for a deal to be concluded”.
Kyprou Securities expects more consolidation around current index levels with some more slide having more probabilities at the moment. Speculation on international geopolitical issues in Northern Africa (Libya) and their impact on oil prices boost day-to-day volatility.
“Given last week’s losses, the market will most probably accumulate at current price levels”, says Marfin Analysis in its morning report. “Some interest could be seen on stocks whose results are going to be announced today (Bank of Cyprus, Marfin Popular Bank)”.
Across the board, the General Index is at 1550.82 units, down 2.05% in an average turnover of EUR 45mn. A total amount of 106 shares decline, 17 remain unchanged and only 8 rise.
Banks fell by 3.85%, currently at 1352.58 units. Proton Bank and Bank of Cyprus lose more than 7%, while Hellenic Postbank and ATEBank record losses of 3.94% and 3.8% respectively. Piraeus, Eurobank and national Bank decline by 3.68%, 3.63% and 3.05% respectively, while Marfin Popular Bank and Alpha Bank retreat by 2.86%.
Banks’ intraday losses reached up to 4.2%, with Bank of Cyprus facingthe most pressure, losing 7.19% in the wake of the announcement of its financial results for 2010. Marfin Popular Bank is scheduled to announce its financial results after the session’s closure.
Across FTSE20, Coca Cola 3E manages to post profits of up to 1.34%, while Jumbo is marginally in green.
Pegasus Securities comments that “investors’ confidence continues to be low, as a result of the wrong maneuvers realized in the banking sector that have not yet allowed for a deal to be concluded”.
Kyprou Securities expects more consolidation around current index levels with some more slide having more probabilities at the moment. Speculation on international geopolitical issues in Northern Africa (Libya) and their impact on oil prices boost day-to-day volatility.
“Given last week’s losses, the market will most probably accumulate at current price levels”, says Marfin Analysis in its morning report. “Some interest could be seen on stocks whose results are going to be announced today (Bank of Cyprus, Marfin Popular Bank)”.
Across the board, the General Index is at 1550.82 units, down 2.05% in an average turnover of EUR 45mn. A total amount of 106 shares decline, 17 remain unchanged and only 8 rise.
Banks fell by 3.85%, currently at 1352.58 units. Proton Bank and Bank of Cyprus lose more than 7%, while Hellenic Postbank and ATEBank record losses of 3.94% and 3.8% respectively. Piraeus, Eurobank and national Bank decline by 3.68%, 3.63% and 3.05% respectively, while Marfin Popular Bank and Alpha Bank retreat by 2.86%.
