2024-05-13 21:56:16
Ready to complete the long-awaited climb to the top of 1,500 units, for first time since April 13, 2011it’s the Athens Stock Exchangewhich cannot be ruled out to break the critical resistances in the next meetings.
The General Index, moreover, is within breathing distance of the next milestone of the ongoing upward trend, which first started at the beginning of last October, when it was at the “bottom” of 1,111 units. Since then, the Greek market has been running non-stop rally of 35%.
Only in 2024, in fact, the main stock market index registers a change of more than +14%, with the total capitalization to exceed 102 billion euros – for the first time since the distant 2009.
Deals and fundamentals
The prolonged “warm” climate abroad undoubtedly guarantees the protection of the Greek market from possible external challenges, while the successive corporate deals and the strong fundamentals they come to be the required “fuel” for the climb towards 1,500 units.
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This week, in fact, a number of large-cap listed companies are set to publish their Q1 2024 financial results, with OTE (14/5), Helleniq Energy (16/5), Alpha Bank (16/5) and Eurobank (16/5) to stand out from the calendar.
At the same time, the domestic market is counting down to the next big one business deal, which, apart from the shocking prospect, will concern the sale of the majority package of Terna Energy to a fund from the United Arab Emirates. With what this implies for the current main shareholders, namely GEK TERNA and George Peristeris, who together control more than 48%.
The next peaks
If all goes well, then, the General Index is very likely to break through the resistances of 1,500 points, paving the way for the next target of 1,550 points. According to her analysis Greece Finin the short term the market can be found up to 1,540 units, while in the medium term the bull market has the ability to exhaust upside margins around 1,715 units.
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“The strong financial results actually improve the future valuations and the potential dividend yields of the listed “papers”, while business ferments maintain the conditions for the legendary return to 1,500 units” adds, for his part, the analyst Petros Steriotis.
In the meantime, the General Index continues to “build”. its main supports at ever-higher levels, with the first rampart in the event of a potential refold now set at 1,418 units, i.e. the average of the last 50 days. “200aris”, for its part, is still placed at 1,315 units.
Do not forget that, despite the fact that the dashboard ratings remain partially attractive, especially in the high-cap index, it is not excluded that some investors will rush to absorb part of the acquisitions, choosing to strengthen their liquidity, before repositioning in the market.
In the meantime, the standard restructuring of its indices is scheduled for tomorrow MSCIwhere the Standard Greece includes 10 shares. If some scenarios for possible additions were released in the previous days, it is estimated that the conditions for enriching the composition of the index are currently not met. On the other hand, it is quite possible that there will be modifications in the weighting, which is expected to shoot up the daily turnover.
The performance of the General Index
• +4.4% in 30 days
• +14.7% in 2024
• +23.3% in 6 months
• +31.1% in 12 months
• +59.5% in 3 years
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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)