Greek Market Weighs EU Summit Resolutions
After the initial enthusiastic reception of EU Summit decisions on Thursday, the Athens Stock Exchange begins to weigh the uncertainties of the new agreement.
Greek banks are at the centre of pressures, while Titan and OPAP stand out across FTSE20.
Beta Securities expects the market to correct in today’s session, as the issue of banks’ recapitalization would be the centre of attention.
“A more careful evaluation of October 27th agreement will point out its inefficiencies, since there are several issues that need to be further clarified and no immediate solution has been given on the liquidity issues of the indebted countries”, said Beta in a report.
Despite the fact that a solution has been provided a number of details need to be clarified further, Marfin Analysis commented.
Banking sector should monopolize investors’ interest with press reports citing that Greek banks might face a lower “haircut” on their GGB’s should the proposal made by the Hellenic Banks Association (HBA) suggesting 2 options for the bond exchange, one for foreign investors and one for domestic ones, with different terms and applied haircuts, gets the green light from the government, Marfin added.
The General Index is at 806.17 units with losses of 0.61%, moving in red since the opening, while early losses reached 2.08%.
The turnover stands at €21.12 million, while a total amount of 67 shares decline, 34 rise and 16 remain unchanged.
Banks fall by 6.25% at 329.25 units.
(capital.gr)