ASE Moved Upwards Despite Greek Banks’ Decline
 
                         Greek  banks failed to maintain intraday profits of 3.4%, ending with minor  losses after they fluctuated within a margin of 47 units.
However, the General Index ended in positive territory, below 1,400  units, helped by FTSE20 index. ATEbank soared, while Coca Cola 3E and  OPAP posted profits above 4%.
The preservation of 1,350, albeit short-term, reflects a substantial  reverse of the trend, said Merit Securities in a report, adding that the  outcome of the Eurogroup’s meeting next Monday would determine the  duration of the trend. 
According to Merit, the breaking of 1,430 units on an enhanced turnover  is a good sign, but further delays in decision making regarding Greek  debt could drag the market to new lows. Additionally, a possible  downgrade of the country’s credit rating by Fitch or Moody’s could be  particularly harmful for Greek banks. 
In its morning report, Kyprou Securities referred to press reports and  rumours about a new debt of €60bn-€100bn to Greece from IMF/EU/ECB that  benefitted Greek banks as they eliminated worries of a potential  haircut. 
It added that it remains cautious “on the sentiment-driven and rumour-driven ASE”. 
Across the board, the General Index ended at 1,388.11 units, with  profits of 1.37%, moving in positive territory for the biggest part of  the trading session. Approximately 34.07 million units worth €109.95m  were traded on Wednesday, while a total amount f 107 shares rose, 42  declined and 132 remained unchanged.
Banks ended at 1,021.05 units, down 0.49%. ATEbank and Proton Bank  gained 17.78% and 16.67% respectively, while Attica Bank rose by 4.71%.  Geniki and Bank of Cyprus recorded profits of 1.72%, while Hellenic  Postbank rose by 1.13%. On the other hand, Alpha Bank and National Bank  fell by 3.72% and 1.19% respectively.
Besides banks, Coca Cola 3E topped FTSE20 with profits of 4.71%, while  OPAP moved sharply up by 4.32%. Motor Oil and Viohalko gained 2.44% and  2.30% respectively. On the other hand, Ellaktor and PPC declined by 2%  and 0.66% respectively.
(capital.gr)