Greek Banks Help ASE Rise
Greek market appears weak on Tuesday, as the General Index moves between profits and losses in the region of 1,410-1,440 units, following yesterday’s heavy losses.
Banks attempt to rebound, after Monday’s record lows, while the focus is in the auction of Greek treasury bills worth €1.25b.
“As positive catalysts seem to remain in extinction, the market΄s course is expected to continue to be driven by volatility, with the bourse΄s purely negative momentum being slightly counterbalanced by the significant negative hyperbole witnessed during the past 2 months”, said Pegasus Securities in its morning report.
“With domestic business sentiment remaining very unpromising, significant negative news content concerning markets abroad weighs heavily on the Athens market΄s course”, says Pegasus, “especially as long as debt-restructuring talks provide the spread of GGBs with the reasoning to continue its abrupt ascending trend, asserting notable pressure on the equities of domestic banking institutions”, it adds.
Persisting market rumours about a potential debt restructuring for the Greek debt pushes the ASE lower, according to Kyprou Securities, which holds a wait-and-see stance.
Across the board, the General Index is at 1,435.18 units, with profits of 0.54%. Turnover stands at €33m, while a total amount of 36 shares rise, 46 decline and 31 remain unchanged.
Banks are at 1,101.34, up 1.51%. ATEbank rises by 4.17%, while Bank of Cyprus and Eurobank gain 2.59% and 2.21% respectively. Alpha Bank, Piraeus Bank and National Bank post profits of 2.09%. 1.72% and 0.55% respectively.
(capital.gr)
