The Stock Exchange ‘broke’, but not convincingly, the 900 units

The Athens Stock Exchange closed in the zone of 900 points, but the turnover did not show any mood that the resistance and the psychological limit were broken with determination, as it remained almost half of the average of May.

In particular, the General Index closed with an increase of 0.38% at 900.28 points, while it moved between 904.30 points (+ 0.83%) and 897.49 points (+ 0.07%). The turnover amounted to 52.72 million euros and the volume to 19.18 million units, while 1.98 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.30%, at 2,182.23 points, while at + 0.34% Mid Cap completed the transactions at 1,415.49 points. The banking index closed with gains of 0.76% at 622.25 points.

The positive movement in the market, although welcomed, did not show that there is a change in the cautious attitude of buyers. And caution is not going to go away if the stock market does not have in its hands the preliminary data of the domestic GDP of the first quarter on Tuesday (+ 7.9% compared to the first quarter of 2022) and the data of inflation for May on June 9th.

Also, the meeting of the European Central Bank is expected from all the markets of the old continent. At Thursday’s meeting, the ECB is likely to lay the groundwork for its first rate hike in more than a decade, as nominal inflation has not yet peaked (economists expect it to peak at ~ 9% in October).

Technical image

In this environment, the market manages to be above the moving averages of 30, 50 and 200 days in a rare simultaneous convergence of the three trend indicators at 886 units, giving buyers a slight lead. But until the above fronts are clarified, the new uptrend will require much better trading data as the increase in supply above the 900 level is evident.

However, 900 points is a very important level in both daily and monthly charts and a guarantee could, if nothing else, give us a momentum to 935 points. So far what we are seeing is a rotation in FTSE stocks, simply maintaining the image in the market. Medium capitalization has long lagged behind the rest having lost the good image of the last two years.

On the board

On the board now, Coca Cola and Hellenic Petroleum recorded gains of 2.70% and 2.13% respectively, with Motor Oil closing at + 1.63% and PPC at + 1.38%. Terna Energy, Alpha Bank, Piraeus, Ethniki, GEK Terna, Viohalko, ELHA, PPA, Eurobank, Aegean, Ellactor and Jumbo moved slightly upwards.

On the other hand, Quest lost 2.64%, with IPTO, OPAP and EYDAP following with losses that exceeded 1%. OTE, Sarantis and Lambda closed slightly lower, while Mytilineos and Titan closed unchanged.