The continuation of the upward reaction wants to give the Athens Stock Exchangekeeping investors in a leading position, which helps to confirm the supports of 1,400 units.
O UK election results and the expectation of one, as far as possible, minor victory for Le Pen in the second round of the French parliamentary elections, they undoubtedly improved psychology in the short term.
However, it is clear that investment visibility remains low. On the positive side, however, we can add the new greek banks updatethis time from S&P.
In this context, the General Index records a small Increase of 0.25% and is graduated in 1,439.47 unitsgaining 3.5 points from Thursday’s close.
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Confirms support for 1,400 units
The eyes of the Athens Stock Exchange remain focused on Europe today, as investors rush to assess the “heavy” political developments in United Kingdom and France.
Yesterday, Britain handed Labour a historic victory – its biggest since 1997 – sending Chris Starmer in the Prime Minister’s chair and Rishi Sunak of the Conservatives in the opposition chair.
Analysts are optimistic that the return of Workers in power (for the first time in 14 years) could help improve relations between the UK and the European Union. And that is something the market values positively.
At the same time, the clock is ticking towards the parliamentary elections in Francewith all opinion polls considering the possibility of forming a government independent of the Marine Le Pen’s National Rally.
This, although a short-term relief, nevertheless creates several long-term problems as it is expected to intensify the government stability deficit in Eurozone’s No. 2 economy.
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All this, reasonably, directly affects the Athens Stock Exchange, which yesterday managed to break the upper limit of the oscillation of the last few weeks and return above 1,430 units. This is the first step before resistances of 1,450 – 1,460 units.
It is also important that the General Index confirms once again the resistance of 1,400 units, managing to build a minimum distance from critical supports.
Today, the Greek market is likely to receive further support from its recent update Standard & Poor’s on Greek banks. A positive development, which occurred just a few days before the first dividend distributions.
Note that despite the recent doubling of the General Index peaks of 1,502 unitsThis year’s market return is still in the 10% range.
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Abroad, now, the pan-European market Stoxx 600 strengthens to +0.40% and 519 points, with the British FTSE 100 will rise 0.40% as investors appear satisfied with the election outcome.
On the other side of the Atlantic, after yesterday’s Independence Day holiday, the Wall Street Futures are making small gains as analysts await the latest labor market data.
(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)