The Athens market showed it was running out of reserves, extending its negative streak in four bearish sessions and slipping past critical technical support levels, amid a steep rise in tensions in the Middle East. closer
The General Index, in particular, came under increasing pressure as the hours went by and finally ended the day at a low of 1,357.3 points with a strong fall of 2.4%.
Turnover was significantly increased at 157.28 million Euros, of which 17 million through 14 sets (6.7 million in 4 jumbos) and the volume of transactions was 37.2 million pieces.
The Bank index closed down -2.14% at 1,161.4 points, the FTSE Large Cap lost 2.25% at 3,296.79 points and the FTSEM Mid Cap closed at -2.68% at 2,170.39 points.
Also, in the last 4 parish meetings, DG now has a cumulative loss of 4.44% and has lost more than 60 points.
Not taking advantage of yesterday's recovery in world markets, the Athens Stock Exchange, which moved in the opposite direction and posted significant losses, today surrendered to sellers from the start, with an apparently “weak” defense. 1,360 units of core support for short-term courses.
More generally, with Athens Avenue in full swing in March, the market seemed to need some new catalyst to fuel a new bullish leg or initiate some correction from the recent 13-year high. The situation is underpinned by geopolitical uncertainty in the Middle East and the jitters it causes in markets around the world.
However, it should be noted that on the last upward leg… the focus was on the Middle East, as the October 7 events in Israel led to a local low of 1,111.29 units (9/10/2023). The “climb” began to 1,434.87 (4/3/2024).
Today's picture may be further burdened by the IMF's estimate of 2% growth for the Greek economy in 2024, lower than the Ministry of National Economy's 2.3%.
Otherwise, however, international houses continue to underline the Greek market's prospects, with Goldman Sachs seeing fresh bullishness on Greek banks today and setting new target prices.
Moves on the board
In the banking index that led to today's turnover (Praeus, Alba and Ethniki, 4 banks with 65 million euros in the top three places on the board), sellers focused on Alpha, which fell 3.6% to 1,518 euros (in transactions worth 16.4 million).
Piraeus with 20.8 million fell 2% to 3.718 euros, Ethniki with 18.6 million to 7.066 euros, Europac with 9.7 million fell 1.37% to 1.804 euros.
Elector's is the only remaining stock on the FTSE, but this too gained 0.2% (968 thousand euros) with shares of TERNA Group under a lot of pressure.
At 15.46 euros the share of parent GEK is 5.73% and 5.1 million turnover and 17.2 euros with TENERG -5.34% worth transactions 7.5 million.
Beyond the banks, on a turnover basis, Jumbo was down 26.02 euros -2.5% (11.7 million) OTE was down 14 euros -1.8% (8 million) with PPC down 3.6% (7.4 million) to 10.91 euros ), Mytileneos limited losses to 0.5%, 35.36 euros ( 11.3 million) and 16.09 euros with OPAP -0.8% (6.5 million).
Autohellas, Lambda, Cenergy still registered losses of more than 2% in FTSE, EYDAP, Coca Cola, Quest and Aegean closed at -4.3%.
The picture was similar among mid-caps, with Intracat a strong loss of 3.19% on 1.9 million turnover, 2.87% on 1.3 million while Intracom fell 3.9%, Laviform -4.5%, AVAX -5.15%. .
The day's sentiment dragged down impressive Optima, which had its upswing stalled, but with modest losses of 0.1% to 9.8 euros and earnings of more than 1.5 million.
THALTH day with a profit of 2.24% to 22.8 euros and a turnover of 100 thousand euros was the exception in the lower tiers.
Otherwise, however, the nature of the session was fully reflected in the group's broader picture, where 109 stocks closed lower compared to 16 higher.
Film internationally
Markets around the world appeared to discount yesterday that fresh tensions in the Middle East with Iran's attack on Israel would quickly subside and follow an upward trend, although developments appear to defy forecasts as Israel prepares its response. Internationally the indices are moving in “deep red” today.
In Europe, Germany's DAX is now down -1.5%, France's CAC 40 is down -1.6%, Britain's is down -1.9% and the pan-European Stoxx 50 is down -1.5%.
Wall Street is trying to pull off some seller protection amid strong corporate results.
The Dow Jones at +0.23%, while the S&P 500 and Nasdaq move at -0.25%.
Bond market pressures also remain unabated, where the 10-year US yields 4.662% and the 2-year 4.957%, while the Greek 10-year yields 3.444%.
In Asia, in the morning, Japan's Nikkei closed down -1.9% and Hong Kong's Hong Kong closed down -2.4%.
Finally, oil trends are steady with Brent in the region of $90 a barrel and WTI around $85, a slight lead for sellers.
