ASE: Greek Banks Under New Pressures

The session of the Athens Stock Exchange on Wednesday is similar to the yesterday’s meeting, as the General Index is forced to new losses, with the banks at the centre of pressures, while the trading volume is weak.




The market focuses on the processes regarding the rollover of Greek debt. Recent developments maintain market nervousness and reduce risk-taking moves.


“Momentum seems to be turning, as lingering European debt crisis and rating agencies’ warnings and downgrades are weighing negatively” said Marfin Analysis in a report, on the back of S&P’s warning that a plan for European banks to roll over some of Greece’s debt into longer term bonds would still be considered a default and Portugal’s debt rating downgrade by four notches by Moody’s.


Pegasus Securities considers yesterday΄s correction as anticipated, sustaining optimism as to a possible continuation of the market΄s positive trend.


“Yesterday΄s adjustment was exaggerated when it comes to specific large-cap equities (Alpha Bank, NBG), seeing no reason for the downtrend to continue, unless supported by specific negative news content or unconstructive background talk concerning developments over Greece΄s 2nd financial aid package” Pegasus added in its morning report.


On the board, the General Index is at 1,280.24 units, down 0.63%, moving in red since the opening. The turnover stands at €21.2m, while a total amount of 42 shares rise, 52 decline and 36 remain unchanged.


Greek banks fall by 2.48%, at 975.86 units. ATEBank drops by 10.63%, while Piraeus Bank, Alpha Bank and Eurobank lose 3.67%, 2.82% and 2.10% respectively.


 
 
 
 
 
 
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