The Stock Exchange also found the defenses for the 940 points

With less intensity, but also with several external negative influences, the Athens Stock Exchange closed today in negative territory, but without losing the positive report of the week, at a time when international markets were hit hard by sellers.

In particular, the general index closed with losses of 0.12% at 945.00 points, while today it moved between 940.80 points (-0.56%) and 951.44 points (+ 0.56%). The turnover amounted to 72.5 million euros and the volume to 30.8 million units, while 6.5 million units were traded through pre-agreed transactions.

The high capitalization index closed with losses of 0.11%, at 2,296.01 points, while at -0.93% Mid Cap completed the trading at 1,548.46 points. The banking index closed with a rise of 0.95% to 694.98 points.

On a weekly basis, the general index closed with gains of 2.22%, while the FTSE 25 strengthened by 2.60%. However, the rise in the banking index reached 5.64%

Resistance to pressure

For another week, the Greek market showed character and remained in a positive sign, successfully absorbing the turmoil abroad, says M. Hatzidakis of Beta Securities in his weekly comment. The positive differentiation comes against the stubbornness of the pessimists who – not unjustly due to recent experiences – expected the Greek market to retreat without defenses in a possible climate change from abroad. Nevertheless, the Greek Stock Exchange is the best performing European market in the first 35 days of 2022 and in the top five worldwide.

This resilience is explained by the business mobility that is observed both inside and outside the Market: Almost every day new project assignments or tenders are announced in the construction sector, in the IT sector the dynamics of acquisitions continue unabated while in the Tourism sector there is an increase in Hotel and Developments.

Commonly moving money, the prospect of goodwill puts new players at play across the economy while maintaining the optimism of those involved. Finally, banks have changed their behavior on the board, which is associated with the presence of stronger investment forces in their stock markets, which have the patience to return the industry to a healthy recurring profitability model.

Abroad, the unexpected intention of the ECB to raise interest rates during the year restored the climate of Uncertainty in the Markets. The uncertainty is not whether the Central Banks will raise interest rates but the amount of increases they seek to reach immediately. Stagnant inflation is slowly beginning to return to the forefront as a potential risk of zero economic growth in an environment of rising commodity prices, raising concerns about the duration of the phenomenon.

Investors are now looking forward to the “devilish” second fortnight of March where first the ECB (10/03) and then the Fed (15/03) are expected to move more actively by taking action that includes raising the benchmark interest rate. In this light, the announcement of the Consumer Price Index next Thursday in the US will determine moods and trends in the major markets of the world.

In addition to interest rates and banks, it is clear that investors’ sensitivity to negative news or forecast failures has increased, a sign of the caution that prevails due to the demanding stock market valuations.

The technical image

Technically, the General Index reacted from 918 points, returning to the area of ​​this year’s highs. The area between 950 -960 units seems to be difficult for the Market at the moment as there is embarrassment regarding the continuation of the trend beyond these levels. The General Index seems to be left with forces above 950 points which it has exceeded four times this year.

Buyers are likely to call everyone who looks appropriate, if there are only a few. The oscillators clearly discharged from the January rise have renewed the short-term uptrend to 980 points moving in neutral price zones.

The rise last week increased the distance from the turning point of the 30-day moving average with basic support remaining at 910 points and the sideways trend line approaching 900 points. In conclusion, next week we would expect the General Index to test again the area of ​​950 – 960 points where an increase in supply is expected. The increase of the average daily transactions to 90 million euros is one of the technical requirements for an upward escape and a change of the accumulation scenario, concludes Mr. Hatzidakis.

On the board

On the board now, EYDAP lost 2.59%, with Lambda, Titan, Terna Energy, OPAP and GEK Terna following with losses of more than 1%. Coca Cola, ELHA, Piraeus, PPA, OTE, Jumbo and Mytilineos closed slightly lower.

On the other hand, Ethniki closed with gains of 2.82%, with Viohalco, Ellactor and Quest closing with an increase of more than 1%. Sarantis, Alpha Bank, Eurobank, Motor Oil, Hellenic Petroleum, IPTO and PPC closed slightly higher. Aegean closed unchanged.