Strong liquidations were registered on the Athens Stock Exchange in a correction many expected and described as healthy by local analysts, with the Common Index managing to raise protection at 1100 units, which is also important support for the upward momentum it has gained in the market lately. time. Investors took profits in stocks that have performed better in recent months, with pressure from large-cap companies dominating. Pressure was eventually also strong in European markets after Eurostat data showed that structural inflation in the euro area rose to 5.6% in February, indicating a more aggressive stance by the ECB in the near term.

It is worth noting that the Athens Stock Exchange has embarked on a long-awaited intervention due to extreme fluctuations in stocks that have very low trading, such as the recently marked Attica Bank shares. Thus, from next Monday, March 6, the price fluctuation limits for shares with a low dispersion of less than 10% are set at +/-10% of the starting price of the share, regardless of its classification at the trading level and the presence of a special negotiator.

The overall index closed down 1.26% to 1118.79 points, when it was at -2.66% at the lows of the day, and turnover reached 118.64 million euros. The Large Cap Index fell 1.24% to 2734.98 while the Mid Cap Index closed at 1613.36, down 0.51%.

Among non-bank blue chips, only Jumbo (+3.23%) and EYDAP (+0.43%) closed higher. Biohalco, PPC and Motor Oil recorded losses of more than 2%, and most of the other large-cap securities closed with a fall of more than 1%.

Investors have taken profits in stocks that have performed better in recent months.

The banking index fell 1.87% to 902.88 points, while the Eurobank only showed growth, but slightly +0.03%, while Piraeus closed at -4.01%, up -2.69% Alfa-Bank and the National Bank by -2.18%.

While many are surprised by the length, nature and speed of the past few months, this does not mean that the general bull market of the Greek AX index will be reversed or canceled immediately, comments Petros Steriotis, managing director of CIF. Overbought technical indicators, moderate trading volume, lack of bull market expansion in some sectors or rising equities, international interest rates, etc. are valid objections to downside forecasts.

Markets everywhere are mostly psychological in the short term, he adds, meaning that multi-hour forecasts against the prevailing price trend are losing much of their credibility.

In the long term, the overall assessment of the strengths of the national and global economies will prevail, and the improvement in bank balance sheets and commercial transactions will contribute to the upward trajectory of AX, concludes Mr. Steriotis.