Analysts comment that increased volatility may be triggered in the
near future ahead of European Summits on March 11 and March 25, with most of the investors holding a wait-and-see stance.
As investors’ interest in European Summit on March 11 is growing, the domestic market holds a wait stance, moving aligned with the course of international markets, which seem stabilizing now after a rally in oil prices, says Pegasus Securities in its weekly report.
Pegasus notes that the two-week intermediate period between the two EU Summits will be critical, and expects that European developments will be at the centre of attention next week. Banks are expected to receive the maximum profit or loss from intraday fluctuations as the investing confidence is weak following the unaccomplished merger of Alpha Bank and National Bank.
"The market has lost some of its moment taking a more sober view of prospects due to the poor domestic economic and political climate, as well as the uncertainty over the EU΄s resolve to deal with the debt crisis," Spiros Tsangalakis, equity analyst at HSBC Pantelakis Securities told Dow Jones Newswires.
"Caution has returned and tangible newsflow is necessary for a durable direction", he added.
Across the board, the General Index ended at 1585.85units, up 0.33%. Approximately 22.99 million units worth EUR 74.1mn were traded on Friday, while a total amount of 89 shares rose, 56 declined and 139 remained unchanged.
Banks declined by 0.84% at 1331.14, despite intraday profits of 1.83%. Only Hellenic Postbank moved upwards, posting gains of 0.9%, while Bank of Cyprus and ATEBank remained unchanged at EUR 2.74 and EUR 0.79 respectively.
Piraeus, Marfin Popular and Alpha Bank declined by 3.21%, 1.09% and 0.81% respectively, while National Bank and Eurobank recorded losses of 0.75% and 0.22% respectively.
source: Capital
