Stock market: Controlled losses after the rally

LAST UPDATE 12:37

Slight fluctuations, selective placements and the expected profit-making are presented in the stock market after yesterday’s rally, with this pattern dominating in general in the European indices.

In particular, the DG opened with an acquired speed from yesterday’s meeting, reaching 878.28 points (+ 0.72%), however, it quickly moved to negative territory and now moves to 865.91 points with a drop of 0.81% and a high turnover of 44 million.

Similarly, the FTSE 25 of high capitalization fell by 0.87% and is at 2,085 points, while the banking index after the rally above 10% yesterday today moves to -1.28 %% at 616 points.

The signs of progress yesterday in the Ukraine-Russia talks, with the Financial Times even talking about a draft 15-point agreement between the two warring parties, brought strong investment enthusiasm internationally, which was used by the ATHEX with a jump of more than 5.6% to 871 points. , outperforming European indicators.

Thus, in the absence of developments or any other catalyst, investors in both Athens and Europe seem to be choosing profit-taking moves today. Indicatively, the German DAX after the jump yesterday yesterday is slightly lower by 0.74%, the French CAC 40 marginally by 0.09% and the Eurostoxx50 by 0.44%.

Elsewhere, the long-awaited decision to raise the Fed benchmark interest rate was announced yesterday, for the first time since 2018, by 25 basis points as was almost a given, but the surprise lay in the guidance of the federal bank.

In particular, the Fed avoided a more aggressive move of greater growth under the weight of the geopolitical crisis that changed the global data, but “showed” that it will raise interest rates in each of the next six meetings this year, by 25 basis points. which means it will reach 1.9% by the end of the year.

The Fed’s aggressive approach seemed to “scare” Wall Street, which temporarily went into negative territory, but optimism about the Ukrainian prevailed with the key US indicators finally holding a new rally.

The technical image

At the technical level, the ATHEX General Index easily passed yesterday the resistance of 857 points, which is now supported, and sees the area of ​​880-890 points where the short-term upward reaction from 788 points is completed.

In any case, the market gives a buying signal only if it stabilizes above 900 units with significant volumes, therefore it needs attention and sobriety as it has increased chances of a possible bear market rally that it traps.

On the board

OTE supports the ATHEX with a turnover of 4 million euros and an increase of 1.2% in the aftermath of the upgrade of the target price for its title by Eurobank Equites, while from the other blue chips MIG is moving in positive territory (2, 3%), Sarantis (1.5%), ELPE (0.87%) and Titanas (0.64%).

On the contrary, in the banking securities, Eurobank deleted the morning profits and declined by 0.3%, Alpha moves to -1.78%, Piraeus to -2% and NBG to -2.1%.

TERNA Energy further expanded its historic high, but is now falling by 1.4%, while the biggest pressures are exerted on Biochalco
(-4%) and ELVALHALCOR (-3.7% with investors securing part of the significant profits of the last period.

In the mid-cap, Cenergy is under strong pressure and is down 5.3%, while the Reds are at -2.7%.

M. Chachladakis