The Athens Stock Exchange moved with a lot of volatility but also pressure during the first session of the week, but turnover was sluggish, reflecting investor sentiment for selective and “weighted” action in the wake of an election that is less than a month away.

The S&P upgrade of Greece’s outlook to positive, which brought the country one step closer to the investment grade milestone, appeared to be priced in by a market that was already close to the highs of the year hit in early March. Waiting is expected to prevail in the next period, while the general index, according to domestic analysts, which tested 1125 units but did not consolidate them, now has 1098 units as immediate support. A bearish break of these values ​​could lead to 1077 points, while a potential upside break of 1125 points could open the way to 1147 or 1165 points.

In the statistics of the meeting, the General Index closed down by 0.53% to 1105.42 points, and the turnover amounted to 51.2 million euros. The Large Cap Index fell 0.56% to 2679.92 points, the Mid Cap Index fell 0.53% to 1616.09 points, while the Banking Index dropped 1.63% to 824.85 points. Among blue chips, Piraeus Bank and Ellaktor recorded the biggest losses at -3.85% and -3.33% respectively, while Autohellas, ELVALHalcor, Lamda Development, PPA, Mytilineos, HELLENiQ Energy and Alfa Bank. TERNA Energy recorded gains of over 2%, while Sarantis and Jumbo closed with gains of over 1%.

Selective and “weighted” actions of investors on the eve of the elections.

S&P, as expected, only improved its forecast for Greece, according to Ilias Zacharakis of Fast Finance, commenting very positively on the state of the Greek economy and expecting growth of 2.5% this year and 3% for 2024-2025. the next 12 months the investment level can be restored. It goes without saying that, with very close elections ahead of us, the House preferred to wait for the results and the establishment of a government that would continue the same policy, adds Mr. Zacharakis.

Now there is only a month left before the elections, and logically, the market and turnover will slow down, since, most likely, we will have another election campaign. The results of the first quarter continue, and, judging by the data available at the moment, they are able to at least stay at the same level.

In the coming period and before the elections, we will observe a relatively tense situation, since the parties will try to win over some of the undecided to their side. The government is diligently betting on an investment rating that can significantly change the situation in the economy. Technically, as the analyst notes, and as we approach the zone of recent highs of the overall index, the market needs short-term attention. Most stocks are bullish as investors look to the end of the fiscal year. So the movement will still be selective, with some new titles changing levels every week, with turnover just maintained, a reminder that a noticeable uptick is needed if we are to see new highs, concludes Mr. Zacharakis.