The ASE has... gone "crazy"

Greek capital has turned the ASE into an “elevator”, even surprising traders by the extreme fluctuations of banks which from -17% are now at +22%.

Clearly, however, the bankers who supported the increase, as well as Blackrock, are counting on a solution for the PSI. On the other hand, a solution with the bonds will lead to a recapitalization so that banks will need capital increases. In a market without trading there can be no capital increases…

The ASE, as compared to European markets, surged today at 737.26 points, recording an increase of 4.81%, while on Monday it closed at +5% and yesterday at -5%... In contrast, European markets, after an initial upward opening, exhibited a downward trend with the euro dropping to 1.2959 dollars.

Alpha Bank led the charge, closing with an increase of 20.71% at 0.88 cents, six cents above Eurobank’s exchange. Yesterday Alpha Bank lost 5.20%, while cumulatively over a week it recorder a 88% yield, with Eurobank following at 82% efficiency. Eurobank lost 9.8% yesterday and today ended with an increase of 18.95%, and National Bank, which lost 13% yesterday, closed today at 2.04 euros, with an increase of 12.71%.

Profits of 21.13% for Piraeus Bank and 11.8% for Postbank.

Apart from banking gains, there were 5.48% gains for OTE. Total trade amounted to 63.7 million, almost triple the total amount of two weeks ago.

All that when global markets receded from 0.5% to 1%, while Reuters and Dow Jones (among others) have reported yet again that the head of IIF Mr. Charles Dallara arrives in Athens tomorrow for a new round of contacts, after the discussions in Paris with foreign and Greek banks on the “haircut” and the growing pressure of the Eurozone for a solution.

At the same time, the IMF chief Christine Lagarde essentially calls for participation in the solution, apart from private banks and official holders of Greek bonds, while the pressure on the ECB to accept the exchange of bonds is increasing.