Greek Banks End Lower For Fifth Consecutive Session
Greek banks ended in negative territory for fifth session in a row, with cumulative losses of 16.65%, posting new 22-year lows.
Supported by big-caps such as Coca-Cola 3E and PPC, the General Index put an end to a four-day downward streak, recording minor profits, despite early losses of 0.76% at 651.73 units.
Fears of Greece’s exit from the euro would haunt the domestic market for a long time, and provide the major inhibitory catalyst for a substantial upward reaction, said Merit Securities in a report.
For now, the support level is placed at 650 units, according to Merit. This week the delisting of Alpha Bank, PPC, and Piraeus Bank from Eurostoxx 600 will be completed, maintaining the pressure on these shares for two more days. Merit noted that some technical reactions over the next two week are possible, although this year’s expectations for window dressing are reduced.
On the board, the General Index ended at 659.62 units, with small gains of 0.44%, after fluctuations that did not exceed 10 units. Banks closed just above session low, with losses of 3.47% at 233.63 units.
On Wednesday, approximately 26.49 million units of total value €30.71 million traded, while a total amount of 93 shares declined, 58 rose and 124 remained unchanged.
Coca-Cola and Bank of Cyprus topped FTSE20 with profits of 5.57% and 3.33% respectively, while PPC and Jumbo gained 3.19% and 1.6% respectively. Titan rose by 0.62%, OPAP ended up 0.15%.
On the other hand, Hellenic Postbank, Marfin Popular Bank and Piraeus Bank lost more than 6%, while Ellaktor, National and Alpha Bank fell by 3.8% and 3.6% respectively.
MIG and Eurobank posted losses of 3.27% and 2.65%, while Motor Oil, ELPE and Mytilineos declined by 1.94%, 1.9% and 1.33% respectively.
(capital.gr)
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