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The stock market found its props, but the bank sold …

from Alexandra Tombra

With strong losses, the Athens Stock Exchange welcomed the official start of the political uncertainty period in the country. Although a few months ago, the resignation of P. Kammenou from the government gave a new impetus to the rise of the political thermometer.

In particular, the general index closed with a loss of 0.92% to 629.88 points, while today it moved between 623.63 points (-1.90%) and 632.03 units. (-0.58%). Sales amounted to € 25 million and amounted to 18.1 million units, while 3.1 million units were traded through pre-agreed operations.

The high cap index closed 0.49% to 1.677.29 points, while Mid-Cap ended at -1.13% at 1003.39 points. The bank index ended with a loss of 4.17% to 433.66 points.

May the ATHEX control the extent of the fall at the end of the meeting, this was only – in essence – with the contribution of Coca Cola. However, the increase in the index marking did not obscure the decline of the market, in particular that of bank shares, which were again found in the & # 39; eye & # 39; from sellers.

This photo was also commented by Efth Zacharakis of Fast Finance, who as always described exaggeratedly as the movements of the sector. The 432 units have been tested and in each case, while the 430 band zone has to be retained if it does not want to keep falling. The 443-450 units are almost resistant.

Political developments could not leave the domestic market untouched, which naturally adopts a cautious attitude towards the different scenarios that are traded. The coming days will be crucial, because tomorrow the debate in Parliament will start with Tsipra's proposal for a vote of confidence and the Prespa agreement will come to an end. Two events that cause a lot of turbulence.

Until this is clear, the market climate will be fragile. And investors may not have confidence in their scenario that the government will not get confidence, but the climate of the intense election period and stagnation in the economy will be the two main causes of the volatility that will follow …

Volatility, fueled by the dilemma or better for the country to go directly to early elections or stay in the four-year absence to not suspend government reform obligations. But the only certainty is that uncertainty and unanswered questions have to be removed, because the market requires clarity in order to be able to relocate.

The major risk for the market is to be a "loser year" for Greece in 2019 if the pre-election period lasts long, jeopardizes the implementation of reforms and halts the progress of critical privatization, the already irrational and vulnerable recovery of the economy.

And as if this were not enough, it was announced today that the implementation of the state budget for 2018 ended with significant failures, creating new problems for the government with a view to the second assessment after the memorandum by the lenders. The primary result for January-December 2018 was € 3.162 billion against an objective of a primary surplus of € 3.604 billion and a primary surplus of € 1.940 billion for the same period in 2017. The same figures show a higher budget deficit of around € 400 million because the € 2.392 billion against a deficit target of € 1.911 billion.

On the board, Piraeus and Ethniki closed with 5.26% each, with Alpha Bank, Eurobank and Elktrot after a decrease of more than 3%. More than 2% losses in Grivalia, Mytilene and Sarantis and more than 1% in GEK Terna, Fourlis, Viohalkos and ADMHI.

PPC, Lambda, Aegean, HELEX, OPAP and PPA are somewhat closed, while Motor Oil and Terna Energy have been closed unchanged. On the other side, Hellenic Petroleum, Titan and OTE climbed gently, with the latter even turning a positive last minute. Coca-Cola gained 1.06% and Jumbo 1.32%.

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