The Athens Stock Exchange slowed down the fall, “raising” intra-session losses, which exceeded 1%, thanks to the positive “reversal” of banks, which saw a strong return of buyers after Tuesday’s fall, as well as the fall. fixed by the sector at the low of the day.

In this way, XA managed to become independent in relation to European markets, where the climate remained cautious. Concerns about the state of the global banking sector have resurfaced, weighing on European equities after U.S. regional bank First Republic Bank reported a large first-quarter deposit outflow that topped $100 billion.

Thus, in the statistics of the meeting, the General Index closed with an increase of 0.54% at the level of 1096.42 points, and the turnover amounted to 64.56 million euros.

The Large Cap Index closed up 0.52% to 2654.53 points, the Mid Cap Index closed up +0.42% to 1607.8 points, while the Banking Index rose 2.31% from -2.4 % during the session to 817.51. units.

Positive news for Greek-listed companies from UBS, whose executives recently traveled to Athens.

Among blue chips, National Bank stood out with a 3.65% increase, followed by Alpha Bank with +2.88%, Sarantis with +2.66%, Aegean with +2.33% and Ellactor with +2%. Eurobank, Piraeus Bank and Motor Oil showed growth of more than 1%. On the other hand, Jumbo, Mytilineos and OTE recorded over 1% drops.

The international investment climate appears to be deteriorating as economic activity is still at the start of a slowdown and has not yet had a significant impact on business profitability, according to Nikos Kavkas, head of research at Depolas Investment Services. In addition to the elections, the general index will not remain aloof from possible pressure from abroad, the analyst emphasizes.

Analysts say that while the 1,079 pivot point could be the level that activates the defense in A.G., a larger retreat scenario is not ruled out, depending on the international environment and portfolio ratios as A.G. is approached. elections.

However, there is no shortage of positive reports from analysts at Greek listed companies, including UBS, whose executives recently traveled to Athens to meet with four systemically important banks as well as Greek listed companies, stressing that the positive climate in Athens hard to convey. let no one see. Swiss bank highlights double-digit growth in corporate loans, still-low deposit beta rates (part of interest rate hikes are carried over to deposit rates) and potential dividend payouts by Greek banks out of earnings in 2023. Greek banks, we like strong and still undervalued leverage interest rate, the best macroeconomic scenario in Europe that Greece has, and the potential return of dividends, which is the next milestone for the sector,” emphasizes UBS.

The transition from demand deposits to term deposits has been slow so far, and assumptions about beta deposits in management’s estimates of net interest income seem conservative (even too conservative in some cases), commented UBS, adding that there are signs of deteriorating asset quality in the sector.