Greek Market Moves Higher
Athens stocks are firmer on Monday following the bailout package for Ireland announced Sunday and the extension of the period in which Greece has to pay back the EU loans.
“The final settlement of Ireland΄s EU/IMF 85bn euros aid, which also assisted Greece by providing an extra 4 year-period cushion, should prove sufficient in providing the Athens market with a short-term catalyst, driving the GI towards slightly higher grounds. Having just concluded a 5-week negative week period, the GI badly needed a positive parameter that would end its downward momentum. In this context, we expect the expect the Athens market to provide investors today with a promising upward move, ideally accompanied by strong bid-side interest and increased trading volume. Technically, Friday΄s formation could be well signifying a change of course, thus rendering a possible rise as the most probable scenario. We expect, therefore, the GI to start towards the 1,460 units, which consist today΄s 2nd resistance level, with a possible break of aforementioned levels bringing the Athens market towards the 1,475 - 1,480 units, just below the 15-days moving average,” Pegasus says in its morning report.
Across the board, the General Index gains 1.08% at 1,452.36 on a total turnover of 37.93 mil. euro.
(Capital.gr)