Debt Restructuring Speculation Dragged ASE Down
Public statements by officials and analysts about the Greek debt increased nervousness in the Athens Stock Exchange, as the General Index was forced to severe losses on Monday, ending below 1,500 units in a very thin turnover that marginally exceeded €74m.
Analysts commented that the Greek market is still dominated by the negative atmosphere caused mainly by the recent upward revision of the public deficit in 2010, while the shortfall of state revenues fuel scenarios on the restructuring of Greek debt.
As investors maintain an avoid-risk stance and sellers determine the market’s trend, ASE is likely to reach new low, although a nervous upward reaction cannot be ruled out.
"The market is really weak because of all this speculation about debt restructuring," a local trader told Dow Jones Newswires. "Meanwhile, there is no support in the market, no turnover, no buying interest."
Market analysts also note that announcements regarding the government privatization program could contribute to the change of sentiment, but currently the market seems to be dominated by the fear of restructuring, requiring immediate and effective reverse of the financial figures.
They also expect volatile sessions with low-risk movements and small variations in selective shares for the near future. On Tuesday, the market is expected to focus on the auction of Greek 6-month treasury bills worth €1.25b.
Across the board, the General Index ended at 1,491.83, with losses of 2.57%, moving in negative territory throughout the trading session, while intraday losses reached 3.10%.
Approximately 21.33 million units worth €74.07m (6.22 million in pre-agreed trade) were traded on Monday, while a total amount of 125 shares declined, 121 remained unchanged and 36 rose.
Banking index fell by 4.37% at 1,199.84, close to session’s low, with all of its shares ending on negative grounds. ATEbank, Eurobank and Proton Bank recorded the most severe losses, down 6.78%, 6.12 and 6.06% respectively, while Hellenic Postbank and Piraeus Bank declined by 5.41% and 5.04% respectively. National Bank declined by 3.82% at €6.04, while Geniki Bank, Bank of Cyprus and Attica Bank also lost more than 3%.
Across FTSE20, only Viohalco, OPAP and Jumbo ended in green, with profits of 0.96%, 0.27% and 0.20% respectively. On the other hand, MIG and OTE fell by 3.90% and 3.23% respectively.
(capital.gr)
che non hanno ancora espresso il proprio parere e che vorremmo sentire, con grande interesse...
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