Athens Stock Exchange: General Index towards 1420 points area – Jumbo and banks stand out – Economic Post

Gently and gradually, the Athens Stock Exchange has now managed to move towards the 1420 unit area, and now has more and more addresses finding a way out to continue the reaction recorded in the past few days.

In particular, the general index rose by 1.11% to 1,418.68 units, while the trading value reached 34.1 million euros and the trading volume reached 7.9 million pieces. The FTSE 25 index also recorded gains of 1.22% to 3,459.74 points, while the banks index rose by 1.91% to 1,265.57 points.

“Present” for buyers

After the recent “Black Monday” on the stock exchanges, buyers (either by opening new positions or by closing short positions) cautiously announced their “presence,” notes Petros Striotis, a chartered technical analyst and member of the British Society of Technical Analysts.

Market psychology and interconnectedness certainly still hold the upper hand, with fundamentals playing the role of “compensator” in the short term. He adds that in investor sentiment, security plays a bigger role, while memories of August 5, 2024 are still fresh in the mind.

The almost one-way rally over the past few months has probably been too good to continue, with valuations in select parts of the US tech sector, for example, rising to… stratospheric levels.

It seems that the reason is due to Wall Street working to “clean up” some of the excesses that have appeared.

Perhaps at this point, despite the sudden damage to investment portfolios, the ancient Greek phrase “no evil is pure good” is partially valid, as logic seems to be returning to Wall Street and working to “clean up” some of the excesses that have emerged.

Back on the Athens Stock Exchange, many stocks still have a positive long-term outlook.

Attention! We are talking about long-term perspectives – we are obviously not in a position to know whether the international investment climate will immediately deteriorate again for any known reason (geopolitics, inflation, closure of carry trade, etc.) or for some unknown reason, dragging Athens. Avenue down with it.

From a graphical point of view, Mr. Striotis points out that the AX general index aims to stay above the 1,375-digit simple and exponential moving averages that play the role of support.

On the dashboard

On the scoreboard now, Jumbo is up 4%, followed by Ellaktor, Ethniki, ELHA and Titan with gains of more than 2%.

Above +1% are Aegean, Eurobank, Alpha Bank, Motor Oil, Piraeus.

Mytilinaios, Biohalco, OPAP, OTE, AAA, Cenergy, Hellenic Petroleum, GEK Terna, PPC are moving slightly upward, while Terna Energy is unchanged. On the contrary, Lambda, Sarantis, Autohelas, Coca Cola, EYDAP are moving slightly downward.