ASE Lost 26% In 17 Sessions
Another disappointing session for the Athens Stock Exchange, as indices and shares continued to slide further without any substantial resistance.
The General Index, which posted intraday losses of 3.23% at 881.63 units, ended at 892.96 units with losses of 1.99%.
Despite early profits of 2.57% at the opening, banks fell by 2.37% at 575.70 units, with intraday losses reaching 4.04% (565.87).
The share of National Bank suffered again severe pressures, with intraday losses of 3.72% at €3.11 and its capitalization falling below €3 billion). It finally ended at €3.16, down 2.17%.
The domestic market seems trapped in withdrawal, which forces the General Index into new lows, while foreign markets seem to find strong support, Merit Securities said in a report.
Besides the instability in foreign markets, August has been devastating for the Greek exchange (losses of 25% so far), caused by the uncertainty in the Greek economy and –by extension- in Greek banks, Merit added.
The firm considers very significant that the domestic market would seek a support level, as the General Index lost 900 units for the first time since December 2006. This level is more likely to be found well below 900 units, while only technical upward correction should be expected in the near future.
On Wednesday, approximately 32.95 million units worth €64.51 million traded, while a total amount of 105 shares declined, 144 remained unchanged and 31 rose.
More on FTSE20, Folli Follie rose by 5.74% at €8.1, while Marfin Popular and Bank of Cyprus reacted with profits of 3.57% and 2.68% at €0.29 and €1.15 respectively. Ellaktor and Jumbo rose by 1.1% and 1.07%, while MIG remained unchanged.
On the other hand, Hellenic Postbank and Alpha Bank fell by 9.7% and 7.17% respectively, while PPC dropped by 6.14% at €5.50. Eurobank and OTE retreated by 3.94% and 2.5% respectively, while Coca Cola 3E and National Bank closed at €14.2 (-2.41%).
(capital.gr)