The Athens Stock Exchange put up a strong defense, managing to absorb a -1.3% correction since the start of the session in a highly volatile environment.

This phenomenon of intra-session corrections that disappear over time is a fairly common feature of AX. in the last period, as a result of which he gains strength and maintains his upward momentum with alternating protagonists. This has led to a strong increase in the overall index since the beginning of the year (15%) with a significant increase in trade turnover.

As Ilias Zacharakis of Fast Finance commented, the Common Index made a decent effort in Wednesday’s session to stop the correction as sellers outperformed the banking sector after a while. The fact that he managed to overcome the pressure and close well above 1082 technically means that he could try again to 1100 units. However, according to the analyst, “if February is closed for A.A. above 1035 units – and he has every chance of this – then the field of glory opens for the market.

At the beginning of yesterday’s session, the market recorded a loss of 1.3% – at the level of 123 million turnovers.

The general index closed with a slight drop of 0.07% to 1093.15 points, and the turnover reached 123 million euros. The Large Cap Index slipped 0.25% to 2646.04, the Mid Cap Index closed at 1631.81 with a loss of 0.09% and the Banking Index again underperformed, falling 1.55% to 839.38. item.

Of all the blue chips, Piraeus Bank (-3.11%) came under the most pressure, followed by the National Bank, Eurobank and Ellactor with a drop of more than 2%, while Aegean and Lamda Development recorded losses of more than 1%. GEK TERNA, PPC, HELLENiQ ENERGY and Titan all saw gains of over 2%. Axia Research is optimistic about the way forward for AXA. in 2023, highlighting that “It is clear that equity investors have not yet internalized the notion that Greece and Greek companies have reversed course, entering a growth cycle.”

The Chamber bases its positive opinion on strong economic performance, improved profitability of listed companies and attractive valuations. In addition, he adds, there are certain factors that will attract investors’ attention, creating a positive momentum for the Greek equities narrative, such as an investment-grade recovery, bank divestment by HFSF, and new introductions such as El. Venizelos, which will attract new funds to the market. An interesting feature that should be highlighted in Axia is the growing interest, especially in the last few months, of Greek private investors in the stock market after many years of absence. As he adds, despite the rally, A.A. continues to be one of the cheapest markets internationally.