2024-07-09 16:46:18
Stagnation prevails today (9/7) at Athens Stock Exchangewith sellers and the buyers to “battle” for control of the sign, while the gaze remains fixed on international political scene.
Of course, the course of the Greek market, to a large extent, is judged to be satisfactory recently (4×4 upward meetings)which has brought the General Index back close to resistors of 1,460 units.
On the other hand, we cannot overlook the fact that investment visibility remains low, resulting in its maintenance variability and her reduced predictability.
In this context, the General Index notes imperceptibly up 0.07% and is formed on 1,451.92 unitsgaining just one point from Monday’s close (1,450.92 points).
The arc of diurnal variations extends over 11 units (from 1,447.37 to 1,458.37 units), with the transaction turnover to range at 51 million eurosof which 8 million euros concern pre-agreed packages.
On the board, now, the GEK TERNA climbs above 17 euros, boosted by the optimistic AXIA report (target price 27.4 euros), while the Helleniq Energy is about to extend the positive streak (7×7). From the other side, Motor Oil and National fold by 1%.
Stock market: At a 1.5 month high PPC’s share
Small losses in the banks
The banking index, affected by the broader climate of sluggishness, moves to -0.49% and 1,276 units, in anticipation of the first dividends after 16 years and in the wake of Moody’s new upgrade (in Ethniki & Piraeus).
Her stock National its share falls to -0.90% and 7.948 euros Eurobank decreases to -0.42% and 2.117 euros, its share Piraeus is almost unchanged at 3.722 euros, while its share Alpha Bank slips to -0.81% and 1.644 euros.
The picture on the dashboard
In the high-cap index (-0.18% and 3,533 points), the share of GEK TERNA gains at least 1.7% and soars to 24-year highs of 17 euros. THE Helleniq Energy, at the same time, is heading for its 7th consecutive bullish session, as it stands at +0.7% and €8.29. Profits of more than 2% are shown by PPCwhile o OPAP it follows at +1.2%. On the contrary, its share Motor Oil is limited to -1% and 23.1 euros, with its share Sarantis to lose 0.8% and fall below 11.5 euros.
Regarding the mid-cap index (+0.33% and 2,302 points), the share of Intracom tries to stand out at +1.6% and 3.4 euros, while the share of Intralot, which climbs to 1.25 euros. Its share also increased by 1% Fourlis. Conversely, the shares of EYATH and Technical Olympian they lose from 1%.
Overall on the stock market, 38 stocks are moving up, 49 stocks are declining, while 23 stocks are unchanged. THE capitalization of the market ranges at 100.7 billion euros.
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Approaches the first resistances
The Athens Stock Exchange continues to receive pressure from abroad, which is slowly approaching them resistors of 1460 units, building a first safety cushion from the precious supports of 1,400 units.
The unknown next day in France, which is in danger of facing a long political uncertainty, constitutes the main issue for the European markets, which “dance” to the rhythms of the new “protagonists” of Paris.
The positive is, however, that the reaction of investors to the stormy and unexpected developments of yesterday’s ballot box proves absolutely cool. And this helps the General Index to demonstrate a satisfactory course, given that intense liquidations are absent.
Thus, despite the lack of substantial trading turnover, as a consequence of the low visibility and reluctance to take unnecessary riskthe Stock Exchange has managed to “clip” the distance from the recent highs of 1,502 points below 4%, with the 2024 total return to return above +12%.
Within this framework, technical analysis shows that the next resistance point for the General Index is placed at 1,460 unitswhile the main supports are maintained at the levels of 1,400 units.
At today’s meeting, meanwhile, the right to dividend “lock” their shares Piraeus Street, Jumbo and Helleniq Energywhich is likely to give an extra boost to these three listed companies.
Banking stocks are also in the spotlight, following the rating agency’s decision Moody’s to upgrade the National – Piraeusafter the recent upgrade of Eurobank – Alpha.
Chill in Europe
Abroad, now, the attention of investors remains focused on the political factor of France, resulting in the STOXX 600 to fold to -0.25% and 515 points, while the French CAC 40 loses 0.8%. However, investors are still characterized by composure.
On the other side of the Atlantic, awaiting his speech Jerome Powell (head of the Fed) to the relevant congressional committee, Wall Street futures are moving marginally higher, with the S&P 500 and Nasdaq remain at record levels.
On the Stock Exchange Dashboard: The 6-day euphoria at Helleniq Energy and the bar for the GEK TERNA rally
The above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)