Athens Market Maintains Downward Trend
The General Index of ASE continues to move below 1600 units, as the pressures focused on bank shares maintain.
It is indicative that the domestic market posts cumulative losses of 7% for week, while banks’ losses approach 10% for week.
Analysts comment that market sentiment was spoiled by the unmet expectations for a merger between National Bank and Alpha Bank, while the recent events in Libya weigh severely on the markets.
Pegasus Securities comments that “investors’ discontent over (non) developments in the domestic banking sector is demonstrated through the increased ask-side interest”, while “the 8.43% GI decline from Monday’s intraday highs is a hyperbole that should be expected to be slightly corrected”, according to its morning report.
Pegasus expects the Athens market to open on slightly higher levels, “gradually aiming for the 1,610 – 1,625 units with the market’s course being determined thereinafter by the trend of foreign markets and the appetites of sellers.”
Kyprou Securities remains cautious for the Athens Exchange expecting day-to-day volatility to persist. Major European markets should continue affecting the local stock exchange, while “banking M&A scenarios seem to fade at the moment”.
Across the board, the General Index is at 1,576.16 units, down 1.49% in a turnover of EUR 46.5mn. A total amount of 29 shares rise, 82 decline and 52 remain unchanged.
Banks maintain their downward trend, currently at 1396.73, down 1.92%. Alpha Bank and Eurobank fall by 3.39% and 3.14% respectively, while Hellenic Postbank, Bank of Cyprus and National Bank decline by 2.82%, 2.3% and 2.14% respectively.
(capital.gr)