Greek Stocks End Higher Led By Banks
The decline of banks to 14-year lows yesterday triggered an upward reaction on Tuesday, however the Athens Exchange is still burdened by the unrestrained speculation about Greek debt.
The focus was on the auction of Greek treasury bills, which did not disappoint the market. However, analysts commented that the risk is still on the downside, while volatility and low turnovers will remain, as many investors appear to have already taken to the sidelines ahead of Easter holidays.
They also explain that the domestic market awaits for a considerable narrowing of Greek bond spreads, before it provides any substantial upward reaction, but it should not be expected soon.
Moreover, the announcement of details regarding the medium-term package of measures is still pending, while the news flow from abroad provides a rather negative mixture.
Despite today΄s bounce, the market looks like it will continue to trend lower," an analyst told Dow Jones Newswires, adding that he sees short-term support around 1350.
Across the board, the General Index ended at 1,437.28 units, 0.69 higher, after a fluctuation into a margin of 32 units or 2.24%. Approximately 25.93 worth € 84.84m were traded on Tuesday, while a total amount of 77 shares rose, 72 declined and 133 remained unchanged.
Banks ended at 1,097.59, up 1.17%. Geniki Bank gained 4.24%, while Bank of Cyprus and Alpha Bank recorded profits of 2.16% and 2.009% respectively. Hellenic Postbank, Eurobank, Marfin Popular Bank and Attica Bank posted gains in the region of 1.1%-1.5%, while Piraeus Bank and National Bank rose by 0.86% and 0.37% respectively.
FTSE20’s OTE soared by 3.13%, while Ellaktor and Viohalco rose by 2.16%. Jumbo and OPAP gained 1.80% and 1.65% respectively, Hellenic Petroleum and Titan recorded profits of 1.53% and 1.24% respectively. On the other hand, PPC fell by 3.05%, while Mytilineos and Coca-Cola 3E declined by 1.74% and 0.52% respectively.
(capital.gr)