By Manos Hachladakis
The Athens stock market came under significant pressure for a second day, testing important technical support, but the market worked to distance itself from the day's lows.
Notably, the general index moved within a range of 16.91 points before retreating to 1,378.93 points. (-1.07%) but ultimately limited losses by 0.73% to close at 1,383.69 points.
Turnover 128 million euros, of which 13.7 million through 23 packages (8 in Piraeus against 4.7 million, 3 against 2.4 million in NGE, 2 .7 million in L. Venizelos) volume of transactions. 29.58 million pieces.
The bank index, which had fallen by as much as 1,150 points (-1.71%), finally closed at 1,163.72 points. Down -0.54%, the FTSE lost 0.74% to 3,328.73 points and the FTSEM Mid-Cap fell 1.06% to 2,294.07 points.
Just like yesterday, the session started on a low tone as the market moved with minor fluctuations and sign changes, while banks were targeted by sellers giving a negative slant to DG and this triggered general liquidations leading Athens Avenue. 1,380 – 1,385 units in technical support of the zone.
Supports worked to prevent declines, but DG ended its 5th session in the last 6, with the bank index posting a 6-day loss and cumulative losses of 5.3% in the same period.
Domestic analysts, however, don't seem concerned about the recent downward movement or the potential for a more extended correction, with some arguing that a significant reversal may be needed to trigger a new bullish cycle.
In general, a position shared by investors is reflected by their attitude on the two-day board, as they do not show panic as turnover is restricted.
However, in the medium term, Athens Avenue does not face any particular risk at the moment, housing reports (domestic and mainly international) are positive and the Greek economy is expected to grow at a faster rate. In the Eurozone, listed companies' fundamentals are strong and their valuations (even under the two-year rally) underperform their European peers.
Image on the dashboard
The market basically moved at the pace of the banks, with mid-caps rising from where they stopped yesterday under significant pressure.
Among the banks, Piraeus consistently topped the turnover with test prices of 25.48 million euros to 3.662 euros (-2.8%).
Similarly, National closed at 6.97 euros (-2.1%) at 7.082 euros -0.53% and turnover at 17.32 million. Alpha was at 1.56 euros with -1.27% at 8.48 worth of transactions, while Eurobank differed positively with a 6% gain. 1.776 euros and a turnover of 8.5 million.
Among the remaining top sellers, Jumbo lost 1.65% to 26.3 euros (3.3 million turnover) OPAP fell 1.16% to 16.12 euros (6.6 million) Motor Oil fell 2.17% to close at 27 euros (1.95 million), OTE 13.7 euros -0.6% (6.3 million) and Mytileneos, discounting profits up to 1.27% (35 euros) to 34.12 euros -1.27% (10.2 million).
EYDAP, Quest, Ellactor, Titanas also closed with losses of more than 1%.
On the other hand, Aegean gave support with +1.92% (2.77 million) at 12.23 euros, while ELVALHALCOR +1.27%, Autohellas +0 .3% and Cenergy +0.14% (1.3 million).
L. was also under pressure. Venizelos -0.65% with 8.454 euros and a turnover of 3.79 million, whereas Optima rose by 3.54% with a turnover of 8.49 euros with 895 thousand euros.
Mid-caps Fourlis, Avax and Kri Kri all posted losses of more than 3%, Intrakat -1.93% to 5.09 euros and 1.12 million on higher turnover of 2.8 million HEXAE fell 0.96% and PPA 1 million. 0.37%.
In the lower tiers, Q&R stood out again as it quickly left yesterday's correction and returned to its usual explosive pace with a 13.7% jump and a higher turnover of 525 thousand euros.
Across the board, sellers were in the clear lead, with 84 stocks moving lower and 40 moving higher.
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In the US, Wall Street is trying to find positive momentum for the first time in the new quarter, with indicators on a positive slope, but with a cautious rise.
The Dow Jones +0.25%, the S&P 500 +0.3% and the Nasdaq +0.3%.
The possibility of a positive move after yesterday's decline is underpinned by indices in Europe, with a positive surprise from the inflation front on their side, although investors are showing signs of discounting growth.
Specifically, the Consumer Price Index fell to 2.4% year-on-year in March, while analysts had expected it to remain unchanged at 2.6%, while core inflation also fell to 2.9% from 3.1%.
In this climate, the German DAX moves +0.37%, the French CAC 40 moves +0.31%, the pan-European Stoxx 50 moves +0.27%, the British FTSE 100 falls 0.05%.
Bond yields were steady at improved levels with the US 10-year yield at 4.400% and the 2-year at 4.720%, while the Greek 10-year yield moved to 3.376%.
Finally, Brent oil continues to take a breather from $90 to $89.9 and WTI to $86.1, while Bitcoin remains in the $66,800 area with limited changes.