Her fourth consecutive negative session concluded today (27/6) the Athens Stock Exchangethat bent critical supports of 1,400 unitsrecording new minimum of 2 months.
O prolonged uncertainty abroad and absence domestic catalysts are the main drivers of this downward movement, which saw the decline from the highs of the year (1,502 points on 20/05) to -6%.
Any loss of 1,400 units, however, will likely bring them to the surface 1,380 – 1,360 unitstesting them long-term stress forceswhich to this day remains positive.
More specifically, during today’s meeting, Mr. General index he noticed softly drop of 0.41% and ended at daily minimum of 1,400.43 unitslosing around six points at Wednesday’s close (1,406.24 points).
O arc of diurnal variations was set at 11 units (from 1,400.41 to 1,411.17 units), with the volume of business vary in 97 million eurosof which 27 million euros related to pre-agreed packages.
Why is the market falling?
There is only one session left until the end of June and the first half of the year at the Athens Stock Exchange, which is now called upon to defend its values tooth and nail supports 1,400 units.
Having already had four consecutive bearish sessions, it is not excluded that the negative climate will “test” the strength of the critical limits, which remain inviolable from April 19th, that is, for at least two months.
Any loss of 1,400 units, according to analysts, will bring to the surface 1,380-1,360 units on the one hand, and on the other average of the last 200 daysn (1,339 units), which is related to the long-term trend.
On the other hand, 1,460 points still constitute the main resistance of the General Index, which is almost 7% away from this year’s highs of 1,502 units (closing on May 20).
As for the causes of the ongoing collapse of the Athens Stock Exchange, the explanation concerns a combination of negative developments, which negatively affected the climate in the short term.
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The app extraordinary taxation on refineriesgovernment pressure on banks on the issue of charges and scenarios of possible intervention by the Ministry of Finance, the absence of positive catalysts, the consecutive dividend cuts, the non-membership of AA on the watch list by MSCI and of course its peak political drama in France ahead of the first round of parliamentary elections on Sunday.
All this limited her investment visibility and “cut off” traders’ risk-taking intention. Hence the short-term downward trend of GD, which in the last 30 days has lost -5%, falling below +9% yield since early 2024.
However, this folding created attractive entry points in many shares, namely High Capitalization ones, which under conditions can be explored by investors, offering selected support.
At the same time, the end of the semester provides an opportunity to reorganize and portfolio beautification (window dressing), something that traditionally happens in these periods of time.
Losses in Europe, stagnant wall
Abroad now, nervousness and restlessness continue to be a dominant feature in Europe, resulting in the overall index Stoxx 600 to move by -0.24% and 513 points. The index CAC 40 in Paris, at the same time, it loses 0.6%
On the other side of the Atlantic, after last night’s bullish close, the US Indices show stabilizing trends, with S&P 500 to be kept in breathing distance of 5,500 units.
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(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any share)