The stock exchange is trying to save 1,220 units

Written by Alexandra Tombra

The Athens stock market is witnessing days of major correction this week, which has now clumsily landed on the last bastion of support, at 1220 units, in light of the enormous pressure on most securities.

In particular, the general index recorded losses of 1.80% at 1,224.44 units, while the trading value reached 40.7 million euros and the trading volume reached 12.2 million pieces. The FTSE 25 index also recorded a decline of 1.80% to 2963.98 points, while the banking index lost 2.75% to 936.63 points.

Otherwise, they would have been waiting for her.

There is now a general feeling that the AXA has entered a strong correction channel, with analysts having ‘rulers’ to measure how far it can go. This coincided with the week following the investment phase, where the first three days were literally disappointing. From its highest levels recorded on Monday at 1,282, the general index is now struggling to maintain the 1,220 level, with support already lost in many stocks.

The month of September has so far provided only two positive sessions and losses until yesterday at 5% for the general index. This is clearly not the picture that many investors, who were looking for an influx of capital through investment-grade acquisitions, were expecting. But they clearly did not take into account that this money would not come in one day, while the buying mood was more urgent in the face of multi-year highs for many securities.

Of course, as many analysts point out these days, we will see the real intentions of long positions in the market from next Monday, when the AX leaves behind the derivatives expiration. So when the market closes upside down for a long and bearish period, many derivatives portfolios do not have the ability to maintain their position, resulting in a large portion of their positions usually closing at a loss. From the moment positions are closed, sales of securities by market makers inevitably follow, with the result that the closing week is always difficult and trending towards at least the daily trend.

On the dashboard

On the board now, Aegean, Biohalco, Piraeus, Ethniki, Eurobank, Cenergy and Autohellas are recording losses exceeding 3%, while ELHA, Quest, Motor Oil, Hellenic Petroleum, PPC and Lambda are moving above -2%.

The decline in Sarantis, Coca Cola, Alpha Bank, EYDAP, OTE, Titan, Elactor and Terna Energy exceeded 1%, while Mytileneios, GEK Terna, OPAP and Jumbo are moving slightly lower.