However, the General Index ended in positive territory, below 1,400 units, helped by FTSE20 index. ATEbank soared, while Coca Cola 3E and OPAP posted profits above 4%.
The preservation of 1,350, albeit short-term, reflects a substantial reverse of the trend, said Merit Securities in a report, adding that the outcome of the Eurogroup’s meeting next Monday would determine the duration of the trend.
According to Merit, the breaking of 1,430 units on an enhanced turnover is a good sign, but further delays in decision making regarding Greek debt could drag the market to new lows. Additionally, a possible downgrade of the country’s credit rating by Fitch or Moody’s could be particularly harmful for Greek banks.
In its morning report, Kyprou Securities referred to press reports and rumours about a new debt of €60bn-€100bn to Greece from IMF/EU/ECB that benefitted Greek banks as they eliminated worries of a potential haircut.
It added that it remains cautious “on the sentiment-driven and rumour-driven ASE”.
Across the board, the General Index ended at 1,388.11 units, with profits of 1.37%, moving in positive territory for the biggest part of the trading session. Approximately 34.07 million units worth €109.95m were traded on Wednesday, while a total amount f 107 shares rose, 42 declined and 132 remained unchanged.
Banks ended at 1,021.05 units, down 0.49%. ATEbank and Proton Bank gained 17.78% and 16.67% respectively, while Attica Bank rose by 4.71%. Geniki and Bank of Cyprus recorded profits of 1.72%, while Hellenic Postbank rose by 1.13%. On the other hand, Alpha Bank and National Bank fell by 3.72% and 1.19% respectively.
Besides banks, Coca Cola 3E topped FTSE20 with profits of 4.71%, while OPAP moved sharply up by 4.32%. Motor Oil and Viohalko gained 2.44% and 2.30% respectively. On the other hand, Ellaktor and PPC declined by 2% and 0.66% respectively.
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