ASE Ends Higher In Volatile Session
Greek banks declined for a third session in a row, after Monday’s major profits, with Eurobank and Alpha Bank suffering the heaviest pressures.
However, the General Index ended up, supported by the buying interest on FTSE20 securities, with ELPE, OTE and OPAP outstanding, while National Bank rebounded from losses of 7.44% at €2.90.
Strong fluctuations were the main characteristic of the meeting, while turnover was moderate. It is indicative that the General Index moved into a margin of 6.15% or 56.29 units, while banks’ fluctuation reached 10.33% or 59.27 units.
Market analysts consider today’s meeting and diversification of non-bank securities as promising, as recently the market had been dragged by the announcement of Alpha Bank-Eurobank deal. However, they still speak of fragile balance.
The focus of concern remains on banks, both because of the PSI developments and the ongoing assessment of loan portfolios by BlackRock, while the collateral deal between Greece and Finland blocks the implementation of EU agreement on July 21.
There are many risks connected to bank shares," a local trader told Dow Jones Newswires, referring to the final outcome of talks between private sector investors and the Greek government on a bond swap plan aimed at reducing Greece΄s debt load. "The other blue chips are a safer bet."
On the board, the General Index ended at 928.86 units with profits of 1.41%, despite intraday losses of 3.42%. On Thursday, approximately 36.75 million units worth €66.37 million traded, while 89 shares rose, 53 declined and 138 remained unchanged.
Banks, which rebounded from losses of 7.92% to profits of 2.41%, ended at 571.95 units with minor losses of 0.32%.
ELPE and OTE topped FTSE20 with profits of 5.73% and 4.19% at €5.90 and €4.48 respectively, while OPAP gained 3.65%. MIG ended with profits of 3.23% at €0.32.
On the other hand, Alpha Bank and Eurobank fell by 4.42% and 4.38% at €2.16 and €1.53 respectively, while Piraeus Bank declined by 3.08%.
(capital.gr)