ASE Slides Off 1,550 Units
Greek Stocks maintain the recent downward streak in a thin –so far- turnover on Friday, as the General Index fails to regain 1,550 units, moving between profits and losses, while banks fluctuate into a margin of 38 units or 3.06%.
Pegasus Securities remains concerned as the levels of the 200-days simple moving average broke very easily yesterday, “witnessing the majority of large-cap equities recording casualties of 10%, with specific companies whose fundamentals and/or outlook look promising (OPAP, Mytilineos, OTE) being, effectively, hammered”.
In the complete absence of buy-side interest during the past three trading sessions, Pegasus is sceptical as to the market΄s short-term course, as it considers that “the cumulative losses of 4.7% should under different circumstances provide us with an ascending reaction today, even if its mediocre”.
Kyprou Securities notes that weak profitability hurts the ASE with a large part of it already discounted in current prices. Fiscal developments and decisions on EU level would define the ASE’s course, according to its morning report.
Kyprou maintains its cautious stance on the local stock market following the recent sovereign credit rating downgrade from S&P.
Across the board is the General Index at 1518.06 points with losses of 1.12% despite early gains of 0.99%. So far, the turnover stands at €47m, while a total amount of 30 shares rise, 89 decline and 35 remain unchanged.
Banks are at 1233.80 units, down 1.75%. ATEbank falls by 2.82% at €0.69, while Alpha Bank, Eurobank and Geniki Bank lose up to 2.7%.
(capital.gr)