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Pressures on ASE due to OPAP, Spain

Part of the 2 previous days’ profits of the General Index on Athens Stock Exchange were wiped out on Friday after the developments in Spain, while OPAP declines 12,8% as the stock trades without its dividen for 2011

“As the news flow mix is influenced by downgrades and the overweight effect of OPAP’s dividend is likely to create negative impressions we expect that most of the day General Index will be traded at lower levels”, said Beta Securities.

Foreign markets are set for a negative start after three day gains adopting a more cautious stance after Spain’s downgrade. As for OPAP current valuation weights 11.8% on FTSE-20 which translates a potential negative effect of almost 2%, explains the firm.

And adds that the two day reaction for the G.I. discharged at some part the oversold picture of major blue chips and this might trigger a partial profit taking action in the begging of the day.

Beta changes its short term view as they think that the positive reaction is completed and General Index enters a new phase which would be mostly affected from pre-elections events and potential post elections scenarios.

On the board, the General Index stands at 491.35 points down 0.17%.

The banking index is recovering from 2.78% decline and is climbing 1.33% at 166.96 points.

So far the trading volume reaches 9.8 million units worth 8 million euros, while 43 shares rise, 30 decline and 16 remain unchanged.
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