future of the Greek debt. Greek banks partially relieved following the significantly losses in May.
The trading opened weakly with the General Index moving between profits and losses, as the market seemed affected by the downward streak, and “weary” by the ongoing scenarios about the Greek debt.
Nevertheless, the General Index and banks reacted positively to a Dow Jones Newswires publication about a new agreement on aid to Greece as early as June, despite the fact that the Greek government denied negotiations for a new loan.
Market analysts note that the market moved upwards, after it found support in the region of 1,350 units, while the successful auction of 6-month treasury bills by the Greek Debt Management Agency also attributed to the rise.
“The market is awaiting for developments”, head of trading at Beta Securities Takis Zamanis said, highlighting the changing of attitude of certain Europeans circles, particularly in Germany.
He noted that the possibility of a new loan, regardless of the conditions, is positive, however the big issues remain, particularly the effectiveness of the country in implementing a policy that would determine a greater debt sustainability.
Eurogroup and Ecofin meetings and European Summit in June will determine the trend, because the final response of Europe to the Greek crisis is expected to be seen there, Takis Zamanis added.
The General Index ended with profits of 1.44% at 1,369.30 units. Approximately 30.63 million units worth €97.65m were traded on Tuesday, while a total amount of 94 shares rose, 50 declined and 137 remained unchanged.
Banks consisted the reaction’s driving force, posting profits of 5.36% at 1,026.06 units. Alpha Bank stood out, with gains of 9.30%, while National Bank and Eurobank followed with 6.99% at €5.05% and 5.90% at €3.41 respectively. Proton, Hellenic Postbank and Piraeus Bank rose by more than 3%, while Bank of Cyprus, Marfin Popular Bank and Attica Banks recorded minor profits. ATEbank remained unchanged.
In FTS20 Motor Oil and Mytilineos gained more than 2%, while Titan and Hellenic Petroleum also ended in green. On the other hand, Jumbo and MIG declined by 1.64% and 0.67% respectively.
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