2024-08-14 10:35:04
Stagnation prevails today (13/8) at Athens Stock Exchangewith buyers and sellers fighting for control of the brand in an environment of increased variability and low visibility.
It is clear that the Greek market is finding it difficult to break them down convincingly resistors of 1,400 unitsputting a “brake” on the recovery effort big losses of last week.
The fact that the MSCI decided to delete Motor Oil from the Standard Greece Indexundoubtedly, does not help to maintain the buying momentum, which displays the first signs of fatigue.
Do not forget that the Greek market is still lose at least 5% since early August, despite having recovered 4.5% from last Monday’s lows.
More specifically, in the second meeting of the week, Mr General Index notes imperceptibly up 0.12% and is formed on 1,399.87 units, gaining 1.5 points from Monday’s close (1,398.20 points).
The arc of diurnal variations extends over seven units (from 1,394.62 to 1,401.30 units), with the transaction turnover to range at 36 million eurosof which 2.4 million euros concern pre-agreed packages.
On the board, now, her stock Motor Oil sinks by 3% and folds back to 21 euros, i.e. at the lowest point of the last 20 months. OR Methyleneat the same time, loses by 1%, while Piraeus Street and Jumbo increase by more than +1%.
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Small profits in the banks
The banking index is trying to keep “open” the path of recovery from recent lows, as a result of which it is at +0.57% and 1,238 units.
Her stock Piraeus increases to +1.25% and 3.878 euros, its share National its share follows at +0.5% and 7,574 euros Eurobank is almost unchanged at 2.01 euros, while its share Alpha is trading at +0.45% and 1.557 euros.
The picture on the dashboard
In the high-cap index (+0.10% and 3,407 points), the deletion from the MSCI Standard Greece leads the share of Motor Oil to the lowest levels since December 2022, falling to -3.1% and 21.1 euros. The shares of Methylene – Lambda Development. On the contrary, its share Jumbo recovering from recent lows and gaining about 1.5%.
Regarding the mid-cap index (+0.45% and 2,230 points), the share of Cree – Cree stands out positively at +3.4% and returns more than 12 euros. Optima Bank and Profile follow at +1%, while its share Fourlis expands by 2.6%. On the other hand, the shares of Plastics of Thrace and EYATH retreat by 2%, with its stock Intranets to lose 0.8%.
Overall on the stock market, 46 stocks are moving up, 45 stocks are declining, while 14 stocks are unchanged. OR capitalization of the market ranges at 97.0 billion euros.
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Motor Oil is out of MSCI
A negative surprise was hidden in last night’s restructuring of the MSCI indices, as the stock of Motor Oil was excluded from it Standard Greecethereby moving it to the smaller Small Cap index.
The unexpected decision, which is expected to bring to the fore the share of the company listed in today’s session of the Athens Stock Exchange, will be put in application after the completion of its transactions August 30th.
With the removal of Motor Oil, which is estimated to trigger significant capital outflows, the following nine stocks will remain in the Standard Greece index: OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, Ethniki, Piraeus and Metlen.
The target is 1,400 units
All this, meanwhile, is taking place while the General Stock Market Index is fighting its own “battle” to recover from last week’s big losses.
It is characteristic that, so far, the main stock market index has increased by +4.5% from last Monday’s lows (1,341 units). However, it is still down -5.4% since early August, which has clipped the 2024 yield to +8%.
Sure, possible exceeding 1,400 units will further improve investor sentiment, which is also based on the attractive valuations on the board.
The dangers abroad
On the other hand, however, it is clear that the international environment remains volatile and unstable, with the current situation fraught with several risks.
The pending conflict between Iran and Israel in the Middle East it seems to constitute the biggest unknown X, while we must not forget the risk of recession in the strongest economy on the planet, namely the American one.
Today, in fact, investors are waiting for some critical macroeconomic data on its course inflation (producer prices), which will contribute to shaping the final balances before the September decisions on the level of interest rates.
It is recalled that the most prevalent scenario is Federal Reserve to cut interest rates by 50 basis points – under the sword of Damocles and the possible recession.
Within this framework, the pan-European STOXX 600 it declines slightly by -0.19% and is limited below 500 units, while early in the morning o Nikkei 225 in Tokyo it closed at +3.4% and 36,232 units.
On the other side of the Atlantic, her pre-contracts Wall Street show a negative start to today’s session, with Dow Jones to prepare for a decrease of approximately 100 units.
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(The above is a product of journalistic research and does not constitute an invitation to buy, sell or hold any stock)