Mini Rally in Athens Stock Market on Trump Victory

The Athens Stock Exchange General Index recorded a notable surge on the news of Donald Trump’s victory last night, with shares exposed to the U.S. market experiencing a mini-rally.

American exposed shares like Titan and Cenergy drew renewed investors’ attention as the latter attempted to gauge the shifting landscape following Trump’s electoral win.

Meanwhile, early indicators suggest Republicans will take control of the U.S. Congress, creating conditions, for at least the next two years, for a more business-friendly regulatory framework for investors.

The General Index of the Athens Stock Exchange saw a 1.47% rise to reach 1,420.30 points, with turnover recorded at €12.1 million and volume at 2.8 million shares. The FTSE 25 also gained, climbing 1.71% to 3,446.72 points, while the banking sector index posted an impressive 2.23% increase, reaching 1,223.36 points.

Banks were also buoyant, with the sector’s index breaking past the 1,209-point resistance level, marking a bullish signal. The market now watches closely to see if the General Index can surpass the critical resistance range of 1,420-1,423 points, a threshold necessary for a return to a period of sustained accumulation and potentially setting the stage for a strong November, as historically anticipated.

Meanwhile, the broader European market climate appears supportive for Greek stocks, defying concerns that a Trump presidency would harm Europe due to his plans to impose tariffs on European imports. However, the balance of pros and cons stemming from the new U.S. policy stance remains uncertain. Many analysts predict increased volatility as investors await more concrete political and economic directives from the incoming administration, expected to begin in January.

Source: tovima.com