With a lot of intra-session swings and sign reversals, the Athens Stock Exchange was once again able to absorb selling pressure, moving higher with the help of a banking majority.

What is notable, however, from market participants’ observation, is that turnover is slowly “consolidating” above 100 million euros, indicating an increase in inflows from new portfolios, which have attracted the attention of Greek companies to equities.

In particular, in the statistics of the meeting, the General Index closed with an increase of 0.24% to 1029.68 points, and the turnover amounted to 145.79 million euros. The Large Cap Index closed up 0.33% to 2504.12 points, the Mid Cap Index closed up +0.55% to 1559.58 points, while the Banking Index again outperformed with a 1.14% gain up to 800.89 points and annual highs.

Of all the blue chips, Eurobank stood out with a 2.68% increase, followed by Sarantis and Piraeus Bank with +2.67% and +2.43% respectively, and National Bank, PPC, Jumbo with over 1% growth and Mytilineos. Losses of 6.27% were recorded by TERNA Energy, while Alfa-Bank, GEK TERNA and Coca-Cola closed down more than 1%.

The value of transactions amounted to 145.79 million euros.

The overall index “captured the lock” at 1,000 units, remaining in a low volatility mode above the theoretical chart and psychological support of the bulls, as commented by Petros Steriotis, chief executive of CIF. “We estimate that a market correction-decompression scenario would benefit from attracting new investment funds, especially from those who missed the ongoing rally on Athens Avenue to eight-year highs,” he notes. At the same time, he finds that the tug-of-war of emotions among investors oscillates between gratifying the AX bull market, recording eight-year highs, disbelief, and finally ignoring the new environment that is forming into the store.

For their part, Alpha Finance analysts note that A.A. for 2023, with a 10% increase in the first month of the year, representing the third-highest straight performance since 2000, is a harbinger of a continuation of the strong recovery in the Greek stock market that began in the second half of 2022. .

The brokerage believes the market is likely at the start of an upward cycle, with heightened investor interest leading to higher valuations in light of strong investment in the country and other factors that will maintain momentum over the medium to long term.

In an improved macroeconomic environment, as he explains, both the increase in funds to be invested by the EU and the dynamics of direct investment predispose to a significant inflow of funds into A.H. At the same time, the achievement of investment grade, probably in the second half of 2023, will strengthen the conditions for maintaining the pace of growth in investment activity, as well as lead to lower financing costs.