Athens Market Firmer On Wednesday
It was the first time since early August that the General Index managed to reach the level of 1700 with intraday gains of 1.98% on Wednesday but failed to end above it.
MIG (+20%), Mytilineos (+4.92%) and PPC (+4.05%) topped FTSE20 profits, while most of the board ended in green.
Financial results announced by Coca-Cola 3E were on the spotlight today, while the upward trend was helped by the buying interest emerged mainly in the banks. FTSE40 and FTSE80 also ended enhanced, gaining 2.09% and 2.98% respectively.
"A spate of positive broker reports and a WSJ article on the ASE’s positive prospects sparked heavy market action," George Goufas, head of institutional trading at National Securities, told Dow Jones Newswires. "With volumes remaining above average the uptrend is likely to continue and short positions could backfire."
Merit Securities notes that European developments regarding the fight against debt crisis along with the proposed competitiveness pact have calmed the Greek market, which reacted positively, following a two-session correction.
Merit adds that the successful auctions of six-month Greek treasury bills have played a key role, while the intensive resistance at the level of 1690 is considered well-expected as many investors wait for Eurozone developments and others proceed with accumulation movements.
Across the board, the General Index ended at 1690.58 points, up 1.24%. Trading volume amounted to 57.5mn worth EUR164.1mn, while 126 shares rose, 46 declined and 112 remained unchanged.
Banks rose by 1.515%, at 1,504.83 units, with intraday profits of 2.6%. Marfin Popular Bank and Hellenic Postbank climbed by 3.67% and 3.36% respectively, while Alpha Bank, Eurobank and Piraeus Bank rose by 3%, 2.15% and 1.23% respectively. National Bank and Bank of Cyprus gained 0.78% and 0.59% respectively, while Proton Bank and ATEbank declined by 3.03% and 1.25% respectively.
Across the FTSE20, apart from banks, MIG stood out, soaring by 20%, while Mytilineos and PPC rose by 4.92% and 4.05% respectively. OPA, Jumbo and Ellaktor gained 2.46%, 1.85% and 1.49% respectively, while Coca-Cola 3E and Viohalco declined 1.2% and 1.08% respectively.
(capital.gr)
