ASE marks a slump, with the agreement as the backdrop

The Brussels agreement was welcomed with a significant drop in the ASE, and it could hardly have been otherwise, confirming the quoted sayings: “Buy the rumor and sell the news” or “prices bring news”.

But the reception of the new rescue package should not be considered as negative, as the sellers were the banks themselves. Simply the market rose quickly and fell back down the same way.

The powerful Greek bank portfolios have been leading the rise of banking shares for two months, without the participation of foreign investors. During the last two days and while some shares continued to rise (Friday and Monday), there were significant sales that took place with a transfer of 10-12 million units. In short, the main shareholders and mutual funds sold (since yesterday) with substantial profits, while some smaller investors had already boarded the “climbing train”.

Increase only at first…

Today’s meeting began with an increase, but quickly moved to a drop of 2%, even though the international media were reassured by the agreement to resolve the Greek debt crisis. Ultimately the selloff in the afternoon was expanded, closing as a result at 797.13 units, recording a decrease of 3.47%.

The dip in Greek banking stocks was higher in both the percentage drop and the items traded.

A decline of 12.15% for Alpha Bank, 13.3% for Eurobank, 13.8% for Piraeus Bank and 11.4% for TT.

National Bank’s share closed at 2.68 euros, with a 9.46% drop.

A smaller drop of 2% was experienced by Motor Oil, Jumbo and Mytilinaios, with 1.92%. A 5.93% drop for Ellaktor and 9.24% for Viohalco. Total transactions reached 77 million euros.

At the same time, European markets were also in the negatives, with losses approaching 1% in Frankfrut and Madrid.

Similarly, the euro has fallen close to $1.3250 while the NYSE, which was closed on Monday due to a holiday, has opened with profits.