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Stock market: up 0.24% supported by banks

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Stock market: up 0.24% supported by banks

The Athens Stock Exchange recorded a slight increase on low turnover, again receiving support from the banking sector. The overall index tried but failed to break 1,100 amid the wild fluctuations and nervousness that characterized Thursday’s session as the market eyed the upcoming election, the results of the first quarter of listed companies, and a fresh 25 basis point interest rate hike from the European the central bank, which signaled that it was not halting growth as it still had a way to cover the inflationary front.

After all, the wait and see attitude is the strategy that investors seem to have chosen to pursue during this period, especially at a time when the turmoil with US regional banks seems to be far from over, making no sense. that H.A. he does not have the strength to hold the supports, as he does.

MSCI’s decisions regarding the restructuring of its indices are also expected next week, while analysts do not exclude the interest of Greece.

In the statistics of the meeting, the General Index closed with an increase of 0.24% at the level of 1098.57 points, while intra-session it touched 1102.44 points and +0.59%, and the turnover amounted to 66.44 million euros. The Large Cap Index rose 0.25% to 26,662.69 while the Mid-Cap Index edged down 0.14% to 1,613.56.

Waiting and choosing positions seem to be the strategy that investors chose to follow during this period.

Among non-banking blue chips, only Mytilineos (+1.47%), Biohalco (+0.62%), OPAP (+0.19%), Coca-Cola (+0.14%) and PPA (+0. eleven%). On the other hand, losses of more than 1% were recorded by Motor Oil, Quest, Titan and Sarantis.

The banking index again showed the best results, having risen by 1.01% to 821.8 points, while Piraeus Bank closed +1.85%, Eurobank +1.6%, National Bank +0.95%, while how Alfa-Bank lost 0.26%.

The overall index is close to its multi-year highs, given the generally positive international environment, and likely heralds a pro-investment post-election “tomorrow,” said Petros Steriotis, managing director of CIF. “We’ve been impressed by the speed with which international investors are ‘forgetting’ that just a few days ago, the second-biggest bankruptcy in American banking history occurred,” he adds. Such investment behavior, illustrated by indices and forex, is a signal of strength in the future.

In the coming weeks, and while Mr. Steriotis does not rule out the failure of other weak links in the foreign financial system, the Greek market must not only remain calm, but also prove that the 40% increase over the past eight months is no accident. The analyst concludes that in the final leg of the parliamentary elections, uncertainty keeps many other potential buyers out of the domestic bull market, but positive corporate developments will be rewarded over time.

Author: Eleftheria Curtalis

Source: Kathimerini

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