The Greek stock market is trading with losses for the third consecutive day, affected by the global equity sell-off, with banking and technology stocks in the sellers’ crosshairs.
In particular, the General Index is losing support at 1,460 points and is trading down -0.57% at 1,458.37 points. The high for the day is at 1,461 points and the low for the day is at 1,454.82 points. More than -2% retreats the banking index, which is now below 1,300 points. Eurobank is down -4% as it trades without the dividend entitlement.
The stock market was under imported pressure due to the bank liquidations that took place in the Euromarkets (due to Deutsche Bank) and the “hammering” of technology stocks on Wall Street (due to Tesla and Alphabet). The domestic market will remain in tune with the European stock markets, analysts stress, with Metlen and Eurobank in the spotlight, due to results and dividend, respectively.
According to Petros Steriotis, a certified member of the International Federation of Technical Analysts (IFTA), “Chart-wise, the GC has significant support at 1,438 and 1,400 points, with resistance located at 1,487 and 1,500 respectively.” As he states in his weekly stock market commentary: “As the process of regaining confidence in retail codes remains painful, everyone can appreciate the risks inherent in the ‘shallowness’ of our Market should the global appetite for investment risk-taking deteriorate further.
The news announced by Greek listed companies remains generally encouraging but as long as the 1,500 point target of the General Index is not achieved again, more and more buyers will think that it is time to “go cash” after the impressive bull market of Athens Avenue at 13-year highs.
“In any case, we believe that apart from the big comeback of the systemic banks and the recent upgrades of the Greek economy by the foreign rating agencies, the important catalyst that will be able to “take over” the generalized continuation of the rise is missing for the time being,” Steriotis notes.