2024-08-20 15:49:33
His ball finally landed on the green Athens Stock Exchangewith buyers beating sellers on the thread, expanding it positive streak in 6×6. However, today’s rise was judged literally on the para five, its sample stagnation and her summer rastoni.
In any case, it is clear that the Greek market maintains its upward short-term trendhaving rebound by +6.7% from the lows of August 5 (1,341 points). Of course, it has to travel an extra 3.1% distance to turn it off total of August’s losses.
At the same time, investors are also looking abroad, where all attention is focused on the imminent Jackson Hole Banking Conference in the USA. After all, in a few weeks we will have the crucial decisions on their course interest rates.
More specifically, in the first meeting of the week, Mr General Index noted imperceptibly up 0.03% and formed on 1,432.28 unitsgaining just half a point from Friday’s close (1,431.88 points).
The arc of diurnal variations was set at eight units (from 1,428.44 to 1,436.74 units), with the transaction turnover to sink just at 53 million eurosof which 894,300 euros related to a pre-agreed package at NBG.
On the board, now, o OTE managed to recover the limit of 15 euros, strengthening by 2.2%. Positive signs were also shown by Motor Oil – PPC. On the other hand, banks retreated to lower levels, with Piraeus and Eurobank to lose at least 1%.
Stock Market – Optima Bank: Reasonable decline after impressive earnings
Banks down 0.9%
The banking index was quick to absorb the recent reaction rally, ending at -0.93% and 1,274 units. Again, however, the distance from this year’s highs (1,354 points) does not exceed -5.5%.
Her stock Piraeus folded to -1.73% and 3,917 euros, its share Eurobank its share was limited to -1.22% and 2.02 euros Alpha Bank traded at -0.75% and 1.595 euros, while its share National resisted to +0.02% and 8.116 euros.
The picture on the dashboard
In the large-cap index (-0.04% and 3,491 points), the share of OTE widened to +2.2% and 15.2 euros, recovering all of August’s losses. The shares of Motor Oil, Ellaktor, AIA, Viohalco and Coca-Cola followed at +1%. At the same time, the shares of PPC and Helleniq Energy closed at +0.8%. On the contrary, the shares of Jumbo, Sarantis and EYDAP were limited by more than -1%.
Regarding the mid-cap index (-0.96% and 2,261 points), the stock of Optima Bank stood out negatively at -3.2% and 11.98 euros, falling back from historical highs (13 euros). PPA and Intracom lost more than -1.7%. Instead, its stock Lavipharm expanded to +1.8% and 0.86 euros, while its share Cree Cree continued to new all-time highs, climbing to +1.6% and 12.2 euros.
Overall on the stock market, 41 stocks advanced, 42 stocks declined, while 30 stocks remained unchanged. OR capitalization of the market ranged at 99.2 billion euros.
The highest turnover
- Piraeus -1.73% 7.2 million euros
- National +0.02% 7.1 million euros
- Eurobank -1.22% 4.6 million euros
- Alpha -0.75% EUR 4.4 million
- Motor Oil +1.32% 4.1 million euros
The biggest rise
- Caressed +9.16% 2,535 euros
- Progressive +8.91% 2,860 euros
- KEPENOU +7.88% 14 euros
- Minerva +7.27% 42 euros
- VIS +5.63% 90 euros
The sharpest bend
- NAKAS -9.42% 25 euros
- Sell -9.09% 1.040 euro
- Optima -3.23% 371,541 euros
- Medicon -2.79% 1,592 euros
- Euroconsultants -1.98% 46,011 euros
Chinavos: A yogurt worth 400 million euros
Stagnation after the rally
With a spectacular demarcation, the Athens Stock Exchange has already managed to cover most of them August losses (-3.1%), as it has noticeably left behind the lows of 1,341 units (5/8 session), “running” a cumulative rally of +6.7%.
The return to levels significantly above 1,400 points has “made” again the psychology of investors, who see that a possible split of 1,440 units it will clear the ground for all 1,478 units, i.e. the pre-sell off levels.
All this, of course, must be proven in practice. But the available evidence, so far, suggests that the scenario of a full recovery of recent losses has a good chance of success, with investors relying on the traditional principle of «buy the dip» (bought in the fall).
Impressively so improved climate abroad and especially attractive listed valuations are coming to be the main advantages of the domestic market, but also the central pillars of the ongoing comeback, which has been underway for a few days.
The General Index, bidding farewell last week to the fringes of 1,440 points, appears to be on an upward path in terms of short-term trend, having left behind the large liquidations of August 2nd and 5th, which deprived the board of one a sum of money in the order of 9 billion euros.
Even more encouraging is the fact that this comeback is – at least for now – accompanied by relatively satisfactory turnovers, despite the peak of the summer season, which usually entails a prolonged rastony.
Of course, in order to have a more complete and clear picture of the medium-long-term trend of the Athens Stock Exchange, it is good to wait until the return of investors from the beaches and the arrival of the “full” -from news developments- September.
The big bet is, of course, the return to the area of 1,500 units, which constitute the 2024 high but also of the last 13 years (since 2011). For this to happen, of course, we will have to make sure that the… storm of the first days of August has passed irretrievably.
Stock market: The 11 stocks that are “starring” in the comeback – Rally up to +22% in eight sessions
Small profits abroad
Overseas, now, after the best week of 2024, investors are slowing down slightly, but without losing the upward momentum. And all this while waiting for the crucial speech of the head of the Fed in Jackson Hole.
Somehow, the pan-European STOXX 600 strengthens slightly to +0.55% and 514 points, while Wall Street shows small gains, where Dow Jones and S&P 500 register a rise of 0.3% and 0.2%, respectively.
On the Board of the Stock Exchange: The return of Ethniki, the “stuck” Airport and +20% of Kekrops
(The above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)