Losses for the second session in a row was recorded by the Athens Stock Exchange, the overall index fell to 1090 points mainly due to strong pressure on banks, although turnover continued to move at low levels. The caution prevailing in European markets in general, as well as the fact that Greece is in the pre-election period, makes several portfolios take a more cautious position and not take on further risk for now.

Moreover, A.A. comes from a significant rally that brought the overall index closer to yearly highs before the March banking turmoil hit. Just a few meetings ago A.A. recorded the highest growth at the international level compared to the beginning of the year, close to 20%, and even after a two-day correction, it remains in first place and +17.3%. As noted by Depolas Investment Service, the overall index is likely to be lower just before the first election, but barring any unforeseen circumstances, the lower limit is set at 1030 units.

In the statistics of the session, the general index closed down by 1.35% to 1090.53 points, and the turnover amounted to 66.74 million euros.

The Large Cap Index closed down 1.46% at 2640.89 points, while the Mid Cap Index closed down -0.93% at 101.10 points.

Turnover was low at 66.74 million euros.

Among the non-banking blue chips, Aegean posted the biggest losses (-3.75%), followed by Ellaktor and Quest with over 2% losses. Losses over 1% were recorded by PPC, Motor Oil, Jumbo, OTE, Lamda Development and Sarantis. ELVALHALCOR posted a +3.66% increase, followed by Biohalco and PPA, up 2.12% and 1.04% respectively.

The banking index fell 3.13% to 799.06 points, with the National Bank closing at -4.52%, Alfa Bank at -3.54%, Piraeus at -2.91% and Eurobank at -1. 81%.

Despite good news for the economy, such as a primary surplus in 2022, improved exports, tourism revenues, public and private investment, and foreign direct investment, lower inflation and unemployment, very strong results after listing in 2022 and positive comments from S&P , the overall index eventually failed to rise above 1,100 points, as Dimitris Tzanas of Kyklos Chrimatistiraki comments. This is happening, he said, because the official start of the pre-election period has returned political risks, since a repeat of the electoral process is likely to be required to form a strong government.

In view of the above, the daily turnover is sharply reduced as “sellers” are willing to take profits by lowering prices while “buyers” abstain, who will wait for the election to close in order to come back with the revealing of technical analysis. as immediate support at 1093 and strongest follow-up at 1086, he adds.

At the same time, the international investment community will be waiting for action by the central bank as the Fed is likely to continue with a slight increase in the interest rate once more before announcing the end of the interest rate hike cycle, which has already reached 5%. However, the ECB data differs as inflation remains at +6.9% in March and interest rates are “only” at 3.75%, with German board member Isabelle Schnabel asking for further increases.