Athens market moves downwards on Wednesday in the wake of Greece’s downgrade by S&P yesterday, with the General Index losing its positive sign for month.
Banks maintain a downward streak, with losses of more than 2%, while their cumulative losses for the last five sessions are at 7.11%.
“Yesterday΄s unexpected S&P downgrade of Greece by 2 notches (at BB-) asserted significant pressures on most large-cap equities, driving the Athens market significantly lower”, says Pegasus in its morning report.
Pegasus expects a very volatile session and the aforementioned hyperbole to be partially corrected during the start of the session.
Kyprou Securities notes that further slide is possible, however it does not expect the FTSE20 to drop even close to year lows. “Lower prices on the ASE relative to the current ones should trigger buying interest”, it adds.
Across the board, the General Index is at 1,573.78, down 0.38%, despite small gains of 0.57% a few minutes after the bell. The turnover stands at €38mn, while a total amount of 37 shares rise, 49 decline and 24 remain unchanged.
Banks are at 1276.07 units, down 1.64%. Only Hellenic Postbank and Bank of Cyprus are in green, posting profits of 2.67% and 0.40 respectively. On the other hand, Alpha Bank loses 3.23%, while Attica Bank and Eurobank decline by 1.96% and 1.74% respectively. Piraeus Bank, National Bank and Marfin Popular Bank post losses of 1.36%, 1.24% and 1.12% respectively.
Banks maintain a downward streak, with losses of more than 2%, while their cumulative losses for the last five sessions are at 7.11%.
“Yesterday΄s unexpected S&P downgrade of Greece by 2 notches (at BB-) asserted significant pressures on most large-cap equities, driving the Athens market significantly lower”, says Pegasus in its morning report.
Pegasus expects a very volatile session and the aforementioned hyperbole to be partially corrected during the start of the session.
Kyprou Securities notes that further slide is possible, however it does not expect the FTSE20 to drop even close to year lows. “Lower prices on the ASE relative to the current ones should trigger buying interest”, it adds.
Across the board, the General Index is at 1,573.78, down 0.38%, despite small gains of 0.57% a few minutes after the bell. The turnover stands at €38mn, while a total amount of 37 shares rise, 49 decline and 24 remain unchanged.
Banks are at 1276.07 units, down 1.64%. Only Hellenic Postbank and Bank of Cyprus are in green, posting profits of 2.67% and 0.40 respectively. On the other hand, Alpha Bank loses 3.23%, while Attica Bank and Eurobank decline by 1.96% and 1.74% respectively. Piraeus Bank, National Bank and Marfin Popular Bank post losses of 1.36%, 1.24% and 1.12% respectively.
