Third consecutive fall on the Athens Stock Exchange: IT companies are being liquidated en masse

Athens Stock Exchange recorded today (27/3) third fall in a row during a session with intense changes, despite the fact that the Catholic Holy Week does not lend itself to thrills.

Banks were under intense pressure while liquidation was seen in IT and other technology stocks that benefited from yesterday's rally. Although the start of trading was ideal, with the General index trading above 1,430 points and close to a 13-year record of 1,434.87 points, the mood changed radically after the first two hours. The sellers turned up the heat, resold the shares again and dropped the stock market below the psychological threshold of 1420 points.

In particular, the overall index fell 4.92 points or 0.35% to close at 1,417.59 points, moving in a wide range of about 15 points, which is typical of today's volatility. The day's low was recorded at 1,416.48 points and the day's high was recorded at 1,431.22 points. XA is losing month-on-month with one session left until the end of March. Meanwhile, Q1 growth is in the single digits (less than 10%).

Note that accumulation is a key component of the current week, since the domestic market is closed on Monday due to the national holiday on March 25, and will not be open on Friday (3/29) due to the Catholic holiday of Easter. Active rumors or official registration of some business deals introduce mini-turbulence, but the overall picture indicates stabilization.

In addition to banks, which put pressure on the domestic market, shares of IT companies fell sharply, closing yesterday at multi-year highs. The reason for this was the shares of CPI (against the background of a denial of the message about the alliance-merger with Real Consulting), Ilyda, Space Hellas and Austriacard Holdings. As for the tech rally's protagonist, Quality & Reliability, after several ups and downs, it closed in positive territory and at a new 20-year record.

Ahead of the Catholic Holy Week, a festive atmosphere of lethargy reigns in major international stock markets. Wall Street fell for the third time in a row, but profit-taking was moderate and did not affect the significant monthly gains in the major indexes, which remain within striking distance of their all-time highs. The New York Stock Exchange opened on a positive note today in an attempt to recover from a losing streak.

In Europe, the Stoxx 600 and the German DAX set new records, while markets on the Old Continent were sluggish during today's session. In Asia, Japan's Nikkei index strengthened significantly, approaching an all-time high as well as the 41,000 point mark, opening the gates to new highs. China and Hong Kong stocks are in the red, while the Japanese currency, the yen, has fallen to a 34-year low against the US dollar.

In domestic news, today is HKEI's turn to announce its financial results for the second quarter and full year 2023. On Thursday (28/3) it will be followed by Trastor SA, General Commerce and Industry, Premia and BriQ Properties, and on Friday (29/3) by PPA, CPI, Epileptos, Nakas and Evrofarma. A week later, Dimand (2/4), Motor Oil, Quest Holdings (3/4) and EYATH (5/4). Please note that the Athens Stock Exchange will be closed on Friday (29/3) and also on Monday (1/4) due to the celebration of Catholic Easter.

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