Greek Banks End 6.9% Higher for the Week
Despite its fall on Friday, the Greek market ended with profits of 6.27% for the week with significantly enhanced turnover.
Banks gained 6.92% for the week, while the performance of Piraeus Bank stood out on Friday.
Analysts are optimist about Athens Exchange’s near future, noting that short-term trend has reversed to upward. They welcome the increase of trading volumes and turnovers, but state that any mid-term assessment is risky due to the “open” challenges that the Greek economy faces.
“We saw the delayed Christmas rally eventually this week because positive newsflow emerged creating upbeat expectations, even if nothing is firm," Thedoris Krintas, managing director of Attica Wealth Management told Dow Jones Newswires.
"If developments remain positive into early February then momentum will continue and we may see levels close to 1800 index points. The identifiable technical resistance levels don’t have strength since they were established when the bourse was falling in very thin volume", he added.
Across the board, the General Index ended at 1536.5, down 0.67%, after a fluctuation of 27.7 points. Approximately 74.44mn units worth EUR188.8mn were traded on Friday, while a total amount of 106 shares posted gains, 68 declined and 111 remained unchanged.
Banks outperformed, posting gains of 2.68% intraday, before ending at 1362.57, up 1.26%. Piraeus Bank climbed by 5.84%, while Bank of Cyprus and Alpha Bank rose by 2.62% and 2.50% respectively. Eurobank rose by 1.75%, while National Bank declined by 0.43% despite its intraday profits of 2.02%.
(capital.gr)