With the share of NBG standing out, the Athens stock exchange makes another attempt to move above 1,450 points, but without being able to overcome the pressure that selected, index-heavy securities are under.
In particular, the General Index is up 0.43% at 1,453.16 points, while turnover is at 35.4 million euros and volume at 6.7 million pieces. The FTSE 25 is also up 0.44% at 3,539.13 points, while the banking index is up 0.97% at 1,295.50 points.
The Athens Stock Exchange cannot remain "unmoved" by international developments, including the election results in France and England, questions about the future of Germany's governing coalition, the Federal Reserve's deflationary policy-related statements and the assassination attempt against planetary candidate Trump, according to Petros Steriotis, a certified technical analyst and member of the British Society of Technical Analysts. These, he said, "raise the political thermometer" and, by extension, the fiscal risk in the world's largest economies, with all that implies for the willingness to take investment initiatives in stocks and bonds.
Domestically, the continuation of the structural rally in the CA is largely "driven" by banks' equity valuations, with the ongoing improvement in balance sheets leading to dividend distributions, upgrades from rating agencies and increased interest from institutional investors, according to Steriotis.
The significant "defences" that the General Index has recently put up at 1,400 points make this level an important chart and psychological support, he adds. This price area "held" in successive sessions in June, which at the same time implies that a new possible re-approach of this area carries particular risks if investors next time prefer even lower "entry prices".
In the event of a rise, the 1,462-1,472 'zone' is a 'bet' for buyers so that the more than ten-year high of May can again be put in the 'crosshairs' in the second half of the year.
In terms of transactional interest, investors' "bathrooms" limit visibility and make it difficult to technically confirm bullish movements in one direction or the other. Of course, although the much-heralded "summer lushness" is not something novel nor something that we did not expect this year in the Greek stock market, it cannot be used as an "excuse" for the collective absence of noteworthy opportunities in the capital markets, he concludes.
On the board now, ΝΒG is up 2.37%, with Sarantis, Alpha Bank, PPC, and Motor Oil following with gains of more than 1%. Mildly up are Jumbo, Aegean, Piraeus, Lamda, EXAE, Viohalco, Cenergy, Coca-Cola, Autohellas, AIA, OTE, and Mytilineos.
On the flip side, Titan remains under heavy pressure, losing 1.91%, with OPAP, Eurobank, EYDAP, GEK Terna, and Terna Energy moving mildly lower. Ellactor and Hellenic Petroleum are unchanged.
