ASE Trims Intraday Losses In Highly Volatile Session

Fears of crisis contagion prevailed in the stock markets, following another fruitless meeting of European officials. The General Index was in line with the volatility of the international market and trimmed intraday losses of 4.34%, ending at session high with an impressive finish. 

The trading in ASE opened in a sharply declining mood, as no decision was agreed at the Eurogroup meeting on Monday, while the Milan Stock Exchange was under severe pressure, intensifying concern. The climate of concern for both Greece and Italy shook the euro, forcing it to losses of 1.3%. However, the auctions of Greek and Italian Treasury bills with Greek debt agency achieving a slightly reduced yield and the news of an extraordinary European Summit have improved the climate. Europe is losing control, as it has been dilatory in reaching a solution for Greece, Nikos Chryssochoidis, CEO of N.Chryssochoidis Securities, told  Capital.gr.

According to Nikos Chryssochoidis, Greece is in a bad position for two reasons. Firstly, because there is no solution to its problems yet and secondly there is a growing talking that Greece should be sacrificed in order to save Italy.

“Unfortunately, foreigners understand that the likelihood of an accident is increasing”, he added. 
On the board, the General Index ended at session high, with marginal losses of 0.19% at 1,216.51 units, moving on negative ground throughout the trading session. On Tuesday, 47.28 million units worth €100 million traded in ASE, while 112 shares declined, 37 rose and 131 remained unchanged. Banks recorded losses of 0.65% at 859.59 units, recovering from losses of 6.52%. Eurobank managed to gain 2.41% at €2.98, while National Bank (+1.58%) and Alpha Bank (+0.32%) also ended in green. On the other hand, ATEBank fell by 14.77%, while Bank of Cyprus declined by 4.55%. Marfin Popular Bank and Hellenic Postbank lost more than 3%.

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