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Athens Exhange Ends Higher
Athens market retained its positive momentum for a fifth consecutive session, despite banks’ losses on Monday. European developments are highly anticipated by investors.
"Large caps ended mixed as foreign investors decide to take some profits off the table given the bourse is up about 5% over the week," a senior local trader told Dow Jones Newswires. "Blue-chip banks reversed early gains and were pulled lower by Piraeus, which dipped as its rights fell sharply on their first trading day," he added.
Mr. Takis Zamanis, an analyst at Beta Securities told Capital.gr that despite Piraeus’s capital increase and Europe’s reluctance because of the measures in China, the Greek market moves up, expecting positive developments regarding the extension of country’s loan repayment time and the reduction of loan rate.
Referring to the latest degradation by Fitch Ratings, he stressed that the Greek market is willing to remain cautiously optimistic, considering the degradation as mild. Moreover, he estimates that a sharper upward reaction is expected if the market starts to move with greater intensity.
“Despite currently being rated at "junk" levels by all 3 major agencies, Fitch΄s "smooth" downgrade is expected to provide the market with a positive short-term catalyst, as investors anticipated the negative rating to bring the Greek economy down by 2-3 notches”, said Pegasus Securities in its morning report.
Pegasus expects the market to move in positive territories today, “with the conclusion of the Euro group/Ecofin Summits (tomorrow) possibly providing the reasoning for more significant trend amelioration. Technically, we expect the GI to trade in the 1,440 - 1,460 units today, which consist the Index΄s intraday pivot point and 1st resistance level respectively.”
Across the board, the General Index ended at 1458.65 points, up 0.88%, limiting its intraday gains of 2.32%. Approximately 40.17mn units, worth EUR100.3mn were traded, while a total amount of 114 shares ended on positive territory, 53 declined and 119 remained unchanged.
Banks reversed early gains, ending at 1262.71 points, down 0.92%. ATEbank’s gains of 6.85% stood out, while Piraeus Bank fell by 4.91%. Attica Bank (+3.16%), Bank of Cyprus (+2.66%), Geniki Bank (+1.59%) and Proton Bank (+1.41%) ended on positive grounds, while Marfin Popular Bank, Eurobank and Alpha Bank posted losses of 0.93%, 0.79% and 0.26% respectively.
(capital.gr)
Athens market retained its positive momentum for a fifth consecutive session, despite banks’ losses on Monday. European developments are highly anticipated by investors.
"Large caps ended mixed as foreign investors decide to take some profits off the table given the bourse is up about 5% over the week," a senior local trader told Dow Jones Newswires. "Blue-chip banks reversed early gains and were pulled lower by Piraeus, which dipped as its rights fell sharply on their first trading day," he added.
Mr. Takis Zamanis, an analyst at Beta Securities told Capital.gr that despite Piraeus’s capital increase and Europe’s reluctance because of the measures in China, the Greek market moves up, expecting positive developments regarding the extension of country’s loan repayment time and the reduction of loan rate.
Referring to the latest degradation by Fitch Ratings, he stressed that the Greek market is willing to remain cautiously optimistic, considering the degradation as mild. Moreover, he estimates that a sharper upward reaction is expected if the market starts to move with greater intensity.
“Despite currently being rated at "junk" levels by all 3 major agencies, Fitch΄s "smooth" downgrade is expected to provide the market with a positive short-term catalyst, as investors anticipated the negative rating to bring the Greek economy down by 2-3 notches”, said Pegasus Securities in its morning report.
Pegasus expects the market to move in positive territories today, “with the conclusion of the Euro group/Ecofin Summits (tomorrow) possibly providing the reasoning for more significant trend amelioration. Technically, we expect the GI to trade in the 1,440 - 1,460 units today, which consist the Index΄s intraday pivot point and 1st resistance level respectively.”
Across the board, the General Index ended at 1458.65 points, up 0.88%, limiting its intraday gains of 2.32%. Approximately 40.17mn units, worth EUR100.3mn were traded, while a total amount of 114 shares ended on positive territory, 53 declined and 119 remained unchanged.
Banks reversed early gains, ending at 1262.71 points, down 0.92%. ATEbank’s gains of 6.85% stood out, while Piraeus Bank fell by 4.91%. Attica Bank (+3.16%), Bank of Cyprus (+2.66%), Geniki Bank (+1.59%) and Proton Bank (+1.41%) ended on positive grounds, while Marfin Popular Bank, Eurobank and Alpha Bank posted losses of 0.93%, 0.79% and 0.26% respectively.
(capital.gr)