Greek banks, which regained a positive sign for month, pushed ASE higher, as the General Index moved sharply upwards on Tuesday, anticipating the vote of confidence for the (new) Greek government. The turnover was increased, Ellaktor rose by 10%, banks gained 6.9%.
Market analysts comment that the market moves aligned with development about the Greek debt crisis, and more or less indentify the vote of confidence with the passing of medium-term fiscal program.
Moreover, the market focused on the auction of Greek 13-week treasury bills, with the yield at 4.62%, while on late Tuesday the government is seeking a confidence vote by MPs.
At the same time European Commission President proposed to frontload and accelerate European Union funds under cohesion policy to stimulate growth.
However, he added that the adoption of the governance package is one of the central pillars in comprehensive response to the crisis.
“We are on the razor’s edge,” said Makis Sotiropoulos, head of accounts at Guardian Trust. The market moves focusing on the adoption of the medium-term program, he added.
In an environment of social unrest and lack of substantial fundamentals, even if the developments are positive (passing of the mid-term program, release of the next aid instalment), “we can only expect a relief rally”, Makis Sotiropoulos noted, adding that much will depend on the pace of reforms.
Across the board, the General Index ended at 1,275.47 units, strengthened by 3.74%, close to session’s high, moving into positive territory throughout the trading session. Approximately 32.74 million units worth €109.38m were traded on Tuesday, while a total amount of 103 shares rose, 36 declined and 141 remained unchanged.
Banks soared, with gains of 6.93%, while only ATEBank ended in negative territory. Alpha Bank and Eurobank jumped by 9.81% and 8.97%, National Bank and Piraeus rose by 7.88% and 7.00% respectively.
Ellaktor topped FTSE20 with profits of 10.19%, while Mytilineos and OTE gained more than 5%.
