Greek Banks Dragged ASE Down
Greek banks recorded new losses on Thursday, dragging the market down, despite the counterweight profits of OTE and OPAP.
Uncertainty about the outcome of the procedure for the rollover of Greek debt, worsening of liquidity conditions throughout the domestic economic activity, deep recession and FinMin’s warnings on larger deterioration of downturn, keep Athens exchange trapped in an introspective vortex that has cost 26.2% of General Index and 35.1% of banks’ capitalization in August.
The domestic market fails to find a catalyst for an upward reaction or halting of downward pressures, despite the free fall to consecutive 15-year lows, while total capitalization has recorded all-time lows as a rate of GDP.
Market analysts comment that ASE pays the price of fear that investors experience that Greece hardly remains close to the budget targets it has committed to achieve, while the international context is not favourable at all.
Moreover, the domestic market cannot foresee a turning point, which would “promise” a substantial economic recovery to support corporate figures and fiscal targets.
On the board, the General Index ended with losses of 0.42% at 889.17 points, with intraday losses of 1.77% at 877.18. Approximately 35.46 million units worth €68.14 million traded on Thursday, while a total amount of 84 shares declined, 57 rose and 139 remained unchanged.
Banks fell by 4.117% at 551.67 units, closes to session low (-4.29%), despite the promising opening (+1.65%).
Jumbo and OTE topped FTSE20 with profits of 5.01% and 4.10% at €3.98 and €4.06 respectively, while OPAP and Motor Oil rose by 2.26% and 2.17% respectively. Ellaktor, Titan and Mytilineos posted profits of 1.64%, 0.95% and 0.56%, while Marfin Popular Bank, MIG, Folli Follie, Piraeus, Bank of Cyprus and Coca Cola 3E remained unchanged.
On the other hand, Alpha Bank fell by 9.09% at €2, while Hellenic Postbank and Eurobank dropped by 6.61% and 5.64% respectively. National Bank ended at session low (€3.01) with losses of 4.75%. PPC, ELPE and Viohalco declined by 0.73%, 0.57% and 0.31% respectively.
(capital.gr)