2024-09-18 05:17:16
The Athens Stock Exchange completed its 3rd consecutive bullish session today (17/9), with buyers indulging in selective placements, thanks to the fertile climate of Wall Street.
However, essentially the Greek market maintained the image of… stagnation of the last several weeks, not straying from the straits limits of 1,400 – 1,450 units, while the value of transactions remained fixed below 100 million euros.
And this, despite the fact that the Dow Jones since last night he figures in new all-time highs, pending her decision tomorrow Federal Reserve on the level of interest rates (the first decrease since the pandemic is expected).
The imminent placement at National Bank, according to many analysts, it plays a key role in the current reticence of Athenswhile not forgetting the recent one Moody’s denial to give the investment grade.
Somehow, in the second meeting of the week, Mr General Index noted small up 0.43% and formed on 1,429.79 units (day high), gaining six points from Monday’s close (1,423.61 points).
The arc of diurnal variations was set at eight points (from 1,421.15 to 1,429.79 points), with the transaction turnover to range at 98 million eurosof which the 22.8 million euros related to pre-agreed packages.
On the board, now, the National tried to move towards 7.5 euros, having as worthy supporters the shares of Alpha, Metlen and Jumbowhich rose from 1% to 1.8%. OR Titan Cementagain approached 33 euros, while the In Lamthanks to the developments with the shipowner Prokopi, was almost at +2%.
Small profits in the banks
The banking index, without impressing, ended on positive ground – specifically at +0.46% and 1,230 units, with all eyes on the latest placement of the HFSF.
Her stock National its share increased to +1.03% and 7.46 euros Alpha expanded to +1.42% and 1.5715 euros, its share Piraeus traded at +0.26% and 3.86 euros, while its share Eurobank fell to -0.58% and 1.9685 euros.
The picture on the dashboard
In the high capitalization index (+0.44% and 3,466 points), its share Titan Cement “flew” to +2.6% and again approached the records of 33 euros. Its share also moved towards 10 euros Cenergywhich widened by 2%, thanks to Piraeus’ target price (12.2 euros). From then on, the shares of Jumbo, Lamda and Methylene closed at +1.8%, +1.9% and +1%, respectively, with Aegean to fall to +0.9%. On the contrary, its share EYDAP folded to -1.4% and 5.5 euros. OPAP, Ellaktor and Coca-Cola, at the same time, they lost from 0.6% to 0.7%.
Regarding the mid-cap index (+0.16% and 2,316 points), the share of Cree – Cree stood out at +1.9% and 13.2 euros, climbing to a new all-time high, thanks to the improved 2024 guidance. Profile and Dimand were strengthened, for their part, by +2.4% and 1%, respectively. Conversely, the shares of AVAX, Intrakat and Lavipharm were reduced by 0.6%. Special mention should be made to Attica Bankwhich continued to slide (-8.3%) due to the upcoming share capital increase.
Overall on the stock market, 49 stocks advanced, 41 stocks declined, while 32 stocks remained unchanged. OR capitalization of the market ranged at 98.4 billion euros.
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Without the Stock Exchange changing course
Trapped in mediocrity and indolence, the Athens Stock Exchange remains, unable to escape from the narrow range of 1,400 – 1,450 units.
It is an image that has been consistently repeated in recent weeks, continuing the martyrdom of… drop, which has made the Greek market almost indifferent.
Investors are reluctant to take on unnecessary risk and, by extension, prefer to engage in selective placements, which fatally force the Athens Stock Exchange to move with turtle rhythms.
It is no coincidence that the daily trading value is persistently stuck below it psychological limit of 100 million euros. And without a brave rise, it is considered extremely difficult to re-approach this year’s “peaks” of 1,502 units.
Sure, September’s traditionally bad reputation, Moody’s non-investment grade recovery, and the impending placement at National Bank play a key role in this situation.
Especially for the latter, the scenarios and rumors about the rate, price and discount on allocation of 18.3% of the HFSF appear to directly affect the bank’s stock, which has lost more than 9% in the previous 30 days.
Somehow, the General Index remains below 1,478 unitswhich had occurred in the last session of July, just before the big sell off in August, which had brought the market up to 1,341 units.
New records on the Wall
At the same time, of course, abroad, the stock market indices continue their recovery towards historical highs, with the Dow Jones in the US to climb above yesterday’s record of 41,622 units.
Today, meanwhile, its two-day meeting begins Federal Reservewhich will conclude on Wednesday evening (Greece time) with the usual announcements by the head of the bank, Jerome Powell.
And everyone is waiting for the first reduction in the cost of money since the pandemic, with the hope that the “knife” will be 50 base units and not 25 basis points, as predicted by the baseline scenario.
In addition to the Fed, investors’ attention is also focused on data (published at midday) on the August retail saleswhich rose 0.1% against estimates for a 0.2% contraction – a critical element of the health of the US economy.
Within this framework, the pan-European STOXX 600 strengthened to +0.44% and 516 points, with indexes in Frankfurt, Paris and Milan gaining more than 0.5%. On the other side of the Atlantic, Dow Jones is moving to new record levels (+150 points), while the S&P 500 (+0.55%) is heading full speed towards this year’s highs.
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(The above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)