ASE Maintains Upward Trend
Athens market is willing to maintain its upward trend of previous sessions, as the General Index moves above 1550 units.
Banks had been posting profits of 2% earlier, while Eurobank’s and Alpha Bank’s gains stood out across FTSE20, as they rise by more than 2.5%.
Kyprou Securities remains cautious “following a full 15% total rise for the FTSE ASE 20 during the last 9 trading sessions,” according to its morning report.
“Although there are plenty of rumours, we have no specific official developments on the Greek debt on European level. Therefore, since valuations become less meaningful on the back of the excess Greek state debt crisis we are cautious for the overbought local market that reaches technical resistance levels”, Kyprou adds.
Marfin Analysis notes that “some profit taking on stocks that have rallied the previous week should not be ruled out”.
Pegasus Securities anticipates “the positive news-flow as well as the improved psychology of the investors to boost the market, at the opening, to higher levels”.
It adds that “a drawback during the day, due to profit taking movements, will create buying opportunities while the Foreign markets could affect the direction of the General Index.”
Technically, 1.554 and 1.570 consist the first and second level of resistance respectively, according to Pegasus.
Across the board, the General Index is at 1552.72, rising by 1.05% in a turnover of EUR47mn. A total amount of 71 shares rise, 45 decline and 36 remain unchanged.
Banks are at 1385.34 units, up 1.67%. Eurobank and Alpha Bank climb by 2.71% and 2.68 respectively, while National Bank and Piraeus Bank rise by 1.47% and 1.84 respectively. On the other hand, Marfin Popular Bank declines by 1.79%.
(capital.gr)