The Greek stock market is moving in an upward tempo at the start of today’s (28/8) session, with buyers making selective moves, leading the General Index back to the 1,440 mark. The Xetra remains “locked” in a narrow price range, with low turnover leaving no room for more activation, at least until August is over.

Specifically, the General Index is up +0.37% at 1,437.73 points, moving between 1,434.01 (low of the day) and 1,439.51 (high of the day). Small changes are observed in the main sectoral indices, while among the “heavyweights” stands out Coca Cola with a “jump” of about +2.5%, approaching 33 euros.

As noted by the certified technical analyst, Mr. Petros Steriotis, the General Index has been in a flat phase for 8 consecutive sessions, “”locked” within a narrow price zone. And the 1,450 level creates an uncomfortable resistance which for the time being “closes the door” to the multi-year high of 1,500+. In the longer term, the GD has completed 7 months in an essentially horizontal chart range “digesting”, we would say, the excess gains of the last 4 years.”

“At the individual stock level, while some remain at multi-year highs, others have lost ground recently, with what this suggests about portfolio preferences and the next big move in these two ‘share classes’,” he notes, adding: “In the short term, we expect the immediate moves of Institutional due to the MSCI rebalancing but also some more ‘turnover recycling’ and tight rotation until the month is ‘out’.”