The Athens Stock Exchange is mildly down today, but without losing the levels above 1,450 points, finding a new range of regression and cautious moves until a catalyst emerges to show the way.
In particular, the General Index is down 0.52% at 1,450.95 points, with turnover at 3.6 million and volume at 0.9 million pieces. The FTSE 25 is also down 0.57% at 3,536.51 points, while the banking sector is down 0.38% at 1,286.83 points.
Two steps forward and one step back is the market's movement in recent times, which, although it has not made a big move, has managed to remain on a mild upward trajectory, with several stocks recording satisfactory gains in the short term. Of course, this movement has maintained caution, as reflected in daily trading, with several portfolios remaining with elevated liquidity levels waiting for a catalyst.
One of the catalysts that could affect the market negatively, though, is today's government meeting on the extraordinary tax on energy companies. It seems that after the tax on refineries, the market sees the measure potentially being extended to other sectors.
Technically, however, both in the long and medium term, the bullishness of the market has not been "disrupted". As Hellasfin reports, in the medium term, the upward leg that is underway is destined to be exhausted in the area around 1,715 points. In the short term, according to Hellasfin, the return of the index to values higher than 1,435 points removes the risk of a pullback to 1,360 points and brings the index back to the fluctuation zone of 1,435–1,500 points. The 1,450 (50-day MA), 1,460 and 1,480 levels are now minor obstacles to the index's upward tendencies.
Due to pressure from the government's plans, PPC is currently down 1.72% on the board, and Lambda is also down 2.28%. Losses of 1.41% for Aegean and 1.31% for Mytilineos, with Titan and Alpha Bank correcting mildly after yesterday's outperformance.
Coca-Cola, Motor Oil, AIA, GEK Terna, ELHA, Piraeus, OTE, Cenergy, Hellaktor, Viochalco, Sarantis, NBG, Eurobank, Helleniq Energy and OPAP are mildly down, while Jumbo, Autohellas and Terna Energy are unchanged. EYDAP gains 1.03%.
