The Athens Stock Exchange suffered heavy losses and did increase turnover, with domestic analysts attributing the fall to the cloudy landscape that has been created around the country’s political scene and the possible pre-election implications following the Tempi train derailment, with investors on the defensive and choosing to stay away from market as long as this uncertainty exists.

The market, as is usually the case in such cases, corrects medium-term expectations, and as the rally over the previous two months has generated significant profits and capital gains, investors’ move to more conservative strategies has led to liquidation, Beta Securities explained. while noting that political risk has returned to the domestic market picture, outweighing other positive indicators from the economic front.

According to technical analysis, 1032 points currently have the highest probability of completing a corrective movement from last week’s highs (1140.96 points). The structure of the drop and subsequent turns will give more information about the degree of relaxation of the sentence. Sellers have a technical advantage this week, with the first support level at 1090 (up 23.6% retracement) that was broken yesterday, and the second at 1056 (up 38.2% retracement).

Intra-session losses of the General Index reached 3.53% – with 154.95 million turnover.

The overall index closed down 2.92% to 1,082.1 points and an intra-session low of -3.53% on a turnover of 154.95 million euros. The Large Cap Index closed down 2.97% to 2646.87 points, the Mid Cap Index closed down 2.67% to 1558.9 points, while the Banking Index fell 4.27% to 878.76 points.

Of all the blue chips, only Ellactor closed up (+1.9%), while Piraeus Bank recorded the biggest losses at -6.63%, followed by Alpha Bank (-5.9%), Titan (5.32%), PPC (-5.16%) and Sarantis. by -4.14%. Autohellas, Eurobank, Aegean ELVALHALCOR and Mytilineos closed up over 3%, while OTE, GEK TERNA, EYDAP, TERNA Energy, HELLENiQ ENERGY, Biohalco, National Bank and Lamda Development closed down over 2%.

As Beta points out, the arrival of March, with or without black swans systematically almost appearing since 2020, marks the beginning of an unpredictable period that the market will be asked to evaluate day by day. The next 90 days have an intense and dense content of new and development. During this time, it is possible that we will see two election contests, with all the ensuing consequences for the position that portfolios will maintain before and between the two election contests, summarizing the results of 2022 and the announcement of the results for the first quarter of 2023.