The Athens stock exchange is clearly in negative territory at the moment, which is under pressure, not only from Jumbo, but now also from the banks, as there are not a few portfolios that proceed to secure profits, but also to change positions.
In particular, the General Index recorded losses of 0.40% at 1,467.94 units, while the turnover is at 199 million euros and the volume at 17.5 million pieces. The FTSE 25 also recorded a 0.56% drop, at 3,562.47 points, while the banking index lost 0.61% at 1,268.91 points.
Opportunity for profit taking
The pressure on Jumbo’s stock came on a critical day, as the broad index looked to hold the 1,470 levels in order to confirm that yesterday’s breakout was not short-legged. Nevertheless, according to Petros Steriotis, Member of the International Federation of Technical Analysts (IFTA), the upward trend of the AX General Index in all time frames cannot but “magnetize” the eyes of investors who are looking for satisfactory returns in the midst of a demanding international environment.
The above, combined with the analyzes of foreign houses that emphasize the improvement of our country’s fundamentals, attract new institutional funds to Athens Avenue, adds Mr. Steriotis. Diagrammatically, the upward breakdown of the “cup with handle” formation in the DG satisfies the longs, while it does not leave the shorts and the absentees alone…
On a micro level, strong financial results are actually improving future valuations and potential dividend yields of listed “papers”, while business ferments are maintaining the conditions for the much-heralded return to 1,500 DG units, which we have been referring to for months.
On the dashboard
Share changes were completed in Jumbo, in which 3% changed hands, but the title remains below 28 euros with losses of 7%.
Close behind are Piraeus, EYDAP, Alpha Bank and Aegean, which are moving with losses of more than 1%, while Ethniki, Lambda, Motor Oil, Mytileneos and Viochalko are moving slightly lower.
In contrast, Titan jumped 3.32% as it settled plans to list its US subsidiary on the NYSE, with Quest gaining 1.95%. Eurobank, OTE, Terna Energy, PPC, Coca Cola, ELHA, Hellenic Petroleum, Cenergy, Autohellas, GEK Terna, OPAP and Sarantis are moving slightly upwards. Ellaktor is unchanged.
Source OT
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