public statements about a possible exit of Greece from the euro area.
Greek banks move below 1,000 units for the first time since January 1997, while the vast majority of FTSE20 shares are in red, as the index moves just above 600 units, with losses of 1.87%. Only Coca Cola 3E rises, posting gains of 2.24%.
Market analysts comment that after of speculation and negative environment in the Athens Exchange, the scenarios of Greece’s exit from the Eurozone consists a heavy blow to the investors’ sentiment, with many of them staying inert.
Marfin Analysis does not expect the trend to reverse, “as the momentum not only remained negative but also has worsen within the weekend”, according to its morning report.
“Volumes are seen more or less at the same levels, while any interested is expected to be directed towards the banking sector and Coca Cola Hellenic, which will release its 1Q11 results tomorrow morning”, it added.
Pegasus Securities noted that the five-session downward streak has increased the likelihood of an upward reaction, triggered by banking shares, which had been under heavy pressures recently.
“Although nothing has improved in terms of Greece΄s fiscal issues or market fundamentals, this negative hyperbole should be gradually moving towards its end, as negative hearsay remains the main force driving the GI lower”, Pegasus said.
Across the board, the General Index is at 1,355.67 units, down 1.05%. The turnover stands at €39.5m, while a total amount of 110 shares decline, 15 rise and 34 remain unchanged.
Banks fall by 2.65% at 975.26 units. National Bank and Hellenic Postbank move down by 3.25% and 2.96%, while Eurobank and Bank of Cyprus decline by 2.12% and 1.70% respectively.
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