Athens Stock Exchange: Eyes on 1,440 Points as Market Rises
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Loading... - Brown Wilson
- 28 Aug 2024
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The Greek stock market is mirroring the upward trends of international markets, with the General Index rising by 0.34% to 1,442.58 points. The next target is to break through the 1,440-point milestone, contingent on the maintenance of positive momentum for a second consecutive session.
The domestic market is being supported by the rotation of leading stocks, which are giving a boost to the board. The Athens Stock Exchange has been stuck in the 1,425-1,440 points area for the second half of August, following the sharp fluctuations at the beginning of the month due to the global sell-off on "Black Monday" (August 5).
Although the recovery has been rapid, it has not been universal, with July's 1,470 points currently out of reach. The next resistance point is at 1,460 points, while 1,420 points serves as the equivalent support level. To sustain the upward trend, investors need to be activated, leading to an increase in turnover to levels above 100 million euros, particularly in view of the developments expected in September.
Today's session is also being influenced by overseas factors, including the release of US inflation data and Nvidia's results. Additionally, traders are closely monitoring developments regarding geopolitical tensions in the Middle East. According to analysts, the prevailing scenario is a build-up around current levels, as investors adopt a wait-and-see stance ahead of the upcoming results.
The market's ability to break through the 1,440-point milestone will depend on its capacity to maintain momentum and attract increased investor participation. If successful, this could pave the way for further growth and a potential re-test of July's highs. However, if the market falters, it may retreat to the 1,420-point support level, highlighting the importance of sustained investor confidence and participation.
