Despite the upward opening of trading on Wednesday, the Athens market closed in a corrective mood, following yesterday’s impressive rally.
Banking sector fluctuated into a margin of 6%, while market analysts expect increased volatility to continue in the near future, until bold decisions are made on the Greek debt and the medium-term plan.
Intense volatility mainly in banks is the most likely scenario, until a final agreement is reached, according to Merit Securities.
The short-term trend would be probably determined by the positive or negative statements made by officials, said Merit, adding that the corporate results completed yesterday left a bittersweet taste, and can not form a trend in the market.
It is quite early to determine whether the momentum has changed, since everything that has to do with country’s debt is still under negotiation, said Marfin Analysis in its morning report.
“It seems that opposition’s party mild assent and the safeguarding of the 5th instalment, ahead of the new fiscal measures, has offered some short term relief”, it added.
"I΄m still seeing some buying interest out there, but the market is waiting for further news," a trader told Dow Jones Newswires. "Basically, the market is waiting for the new measures before deciding on a direction."
Across the board, the General Index ended with losses of 1.49% at 1,289.99 points, after fluctuation within a margin of 46 units or 3.52%. Approximately 35.85 million units worth €127.04 million were traded on Wednesday, while a total amount of 76 shares declined, 55 rose and 150 remained unchanged.
Banks declined by 1.97%, at 955.29 units. Only Marfin Popular Bank and Piraeus Bank ended into positive territory, posting profits of 1.59% and 0.99% respectively.
On the other hand, Bank of Cyprus fell by 5.65%, while Eurobank and National Bank declined by 2.83% and 2.04% respectively.
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