Buyers returned to the Athens Stock Exchange, breaking a five-day losing streak, with the overall index closing but far from intra-session highs due to a (nearly) reversal of the banking index’s +2% gain. . However, mobilization on the deal front and support from many blue chips kept AA afloat. on positive ground, despite the negative climate prevailing in European markets.

While volatility is expected to continue to be elevated and it’s too early to tell if the correction is complete as caution remains on the board, domestic analysts emphasize that the factors that led A.A. its recent upward momentum will continue even if the political scene fades.

In the statistics of the session, the General Index closed with an increase of 0.64% to 1083.22 points, and the turnover amounted to 118.88 million euros. The Large Cap Index closed up 0.62% to 2639.4 points, while the Mid Cap Index closed up 0.19% to 1570.09 points.

In non-banking blue chips, ELVALHALCOR stood out at +3.03%, Jumbo at +2.96% and PPC at +2.38%, while Biohalco, GEK TERNA, Coca closed up over 1% -Cola. Mytilineos, PPA and Quest. . On the other hand, OPAP and Aegean recorded a drop of more than 1%.

Foreign investors who came to the market and “put” on the investment level, do not leave, analysts emphasize.

The banking index closed at +0.33% from +2.04% intra-session, while Alpha Bank and Eurobank closed unchanged, Ethniki at +0.1% and Piraeus with an increase of 2.16%.

The incredible railway tragedy and its socio-political consequences have also increased the systemic risk of Greek securities, as noted by Petros Steriotis, chief executive of CIF. The tragic event of recent sessions has triggered violent liquidations and a worsening chart picture, with any attempt at profit taking erratic and the overall index attempting to assimilate technically overbought short-term levels at the same time as selling. off.

However, the main fundamental components of market growth (company size) will not disappear, many listed companies are owned by households, banks have been significantly cleared, and the domestic stock market environment looks more conducive to investment, Mr. Steriotis adds. . At the same time, he notes, the ratings agencies are waiting for the country’s rating to be upgraded, which, when it happens, will effectively funnel more funds to Athens Avenue. “On a short-term level, we estimate that volatility will continue into the next meetings as investors are not factoring in political developments and the post-election self-confidence scenario will continue to support country risk,” concludes Mr. Steriotis.

As Ilias Zacharakis of Fast Finance notes, foreign investors who have entered the Greek market and bet on the level of investment do not expect to leave. Of course, this affects the political scene, but the course of the market does not change, especially when positive developments are expected in the future. In addition, according to him, companies do not stop developing and increasing profits. Projects and investments will continue.