Tough Week For ATHEX

It΄s been a tough week for ATHEX comments Vasilis Kararizos, head analyst for Proton Securities.

The market΄s trajectory was based on concerns for Greek macro, which reflect the late entrance of Greece to the crisis.

He also notes the absence of a clear plan to restructure public debt, as well as a bad communication policy at a moment when the market was looking for causes for correction.

Still, losses, especially in the banking sector, were exaggerated, he says.

Konstantinos Vergos, head analyst of Cyclos Sec expects a further correction of 10-15% and after that a surge, up to 50%.

He notes that the Dubai World developments were an unexpected factor with a tremendous impact and he added that ATHEX is devaluated.

Vergos pointed to recent reports on the Greek economy, estimating that they are “partly controlled, but with a high degree of truth.” He said that immediate measures are imperative so as to restore the confidence of foreign investors. “The immediate implementation of measures will change the climate, fueling a surge.”

The basic index opened Friday diving 2.75% only to rise rapidly up to +3.35%, at a fluctuation range of 6.10%, before ending at +1.44%

The banking index moved from -3.03% to +5.56%, and ended at +2.48%.

120 stocks rose against 80 dropping, on a total turnover of 388.9 mil. euro.