Athens Stocks Post Mild Profits
Greek market rebounded mildly on Tuesday, as the General Index regained 1,500 units with profits of 0.97% in a session with weak trading activity and thin turnover.
Hellenic Postbank topped FTSE20, posting profits of more than 6%, while MIG, OTE and Titan followed, gaining 4.05%, 3.98% and 3.73% respectively. However, banks failed to maintain intraday profits of 2.55%, despite an impressive rebound from early losses of 2%.
The auction of Greek government treasury bills was given a cold reception despite the coverage ratio and the rather moderate increase of uniform yield, given the news regarding the deficit in 2010 and the alarming course of state revenues.
Market analysts commented that the continuing statements by analysts and officials on Greek debt restructuring scenarios have enhanced investors’ avoid-risk stance, while Kyprou Securities noted in its morning report that investors with higher than average appetite for risk can gradually, slowly and cautiously build a small position on the ASE at the current price level.
“The market sentiment remains largely unchanged”, according to Eurobank Equities, which added that in the absence of any market moving news flow, ASE would probably trade around current levels with low trading volumes.
More importantly, the domestic market accelerates its descending dynamic, as talks over a possible restructuring of Greece’s international bailout gain momentum, said Pegasus Securities.
Across the board, the General Index ended at 1,506.25 units, up 0.97% after a fluctuation into a margin of 2.52%. Approximately 18.72 million units worth €71.95m were traded on Tuesday, while a total amount of 68 shares rose, 67 declined and 147 remained unchanged.
Banks recorded small profits of 0.28% at 1,203.23 units. Attica Bank, Bank of Cyprus and Alpha Bank rose by 3.16%, 2.50% and 2.26% respectively. On the other hand, National Bank fell by 1.32%, while Eurobank and Geniki Bank declined by 0.97% and 0.78% respectively.
(capital.gr)
