The stock market found support for this rally

Alexandra Tombra

The Athens Stock Exchange finally closed the day with small gains, outperforming the range of corrections of many securities after the breakout of yesterday’s rally, but also giving a message that buyers’ resilience remains strong, at least until the next resistance.

In particular, the general index closed with an increase of 0.48% at 1,323.61 points, while today it moved between 1,326.20 points (+0.67%) and 1,313.81 points (-0.27%). The trading volume amounted to 108.81 million euros and the volume amounted to 29.79 million pieces, while 1.13 million pieces worth 9.54 million euros were completed through pre-agreed deals.

The high capitalization index closed by 0.60% at 3207.79 points, while the medium capitalization index ended trading at +0.47% at 2138.34 points. The banking index closed with a gain of 1.42%, at 1090.64 points.

Volatility and selectivity

In addition to the countervailing forces that appeared on the board, there were not a few titles that showed strong volatility, changing their signals several times. And it is, indicatively, Ethniki, Mytileneos and PPC, that caused some disturbances in the current course of the market, although the final picture was positive.

Of course, this fluctuation was expected in one way or another, after a period of two days in which the general index added more than 25 points, and is now looking for fuel for the next step in corrective movements, without nullifying the positive scenario. After all, it is clear that the trend is still going strong with the first target at 1340 units and the second at 1350 units.

Obviously, the market course will be tested at the next peak, i.e. April 2014 in the region of 1350 units. The odds are on the side for long deals, as rumors about the timing of an upgrade always creep in as reasons for requests. So we see the pattern that even in small corrections buyers step in to be active on the board before the rating decision.

Gradually, however, investment grade forecasts, as well as bullish rallies due to various rumors about it accelerating, will work in reverse after forecasts have been going around long enough and valuations start to get out of cheap territory. However, companies’ performance at the results level should not be overlooked, even if it is cause for correction.

on the dashboard

Motor Oil stood out with +3.04% recording it, followed by Eurobank and Piraeus with +2.92% and +2.48% respectively. Above 1% was an increase in Aegean, Quest, Jumbo, IDAB, Titan and Elector, while Coca-Cola, Alpha Bank, Synergy, Lambda and Mytileneus closed slightly higher.

On the other hand, ELHA and Terna Energiaki closed with declines of 2.35% and 2.53%, respectively, with OTE, Biohalco and GEK Terna closing with losses exceeding 1%. PPC, OPAP, Hellenic Petroleum, Ethniki and Autohellas closed slightly lower.