Earnings with a turnover of € 50 million on the Stock Exchange

The Athens Stock Exchange took a step closer to 900 points (again) today, with the low turnover not allowing the level to be tested, after three failed attempts during the week.

In particular, the general index closed with an increase of 0.74% to 896.89 points, while today it moved between 898.43 points (+ 0.92%) and 892.51 points (+ 0.25%). The turnover amounted to 49.84 million euros and the volume to 18.65 thousand units, while 3.25 million units were traded through pre-agreed transactions.

The high capitalization index closed with an increase of 0.97%, at 2,175.78 points, while at + 0.75% the Mid Cap completed the transactions at 1,410.64 points. The banking index closed with gains of 1.93% at 617.54 points.

On a weekly basis, the general index closed with an increase of 0.61%, while the FTSE 25 strengthened by 1%. Banking index closed with gains of 1.27%

Carefully and cautiously

The stock market week stabilized, which had as its main feature the completion of inputs from the restructuring of MSCI, says M. Hatzidakis of Beta Securities in his weekly comment. The turnover observed last Tuesday (523 million euros. Was the best day of restructuring of MSCI since May 2014 when transactions were observed 811 million euros.

Elsewhere, the second readings in the banks’ results (NPEs, profitability) reduced the pressures, while the positive hearings on the profitability of this year by OPAP and Mytilineos gave reasons for selective positions. This may be the picture that the market will have in the future, following more the individual business news as the effect of high prices on the cost of sales is expected to be more pronounced in the following quarters, a fact that was reflected in the gradual extinction of daily turnover.

Abroad, fluctuations and nervousness continued as a result of cautious statements from business and economic circles with a high rate of impact on the investment community. We are currently going through a period of fragile truce, the uptrend will probably last until the next significant number which will apparently come from the inflation front in America next Friday, June 10th.

If the inflation in May comes out in line with the current forecast (8.2%) with the construction part not showing an increase of more than 5.9% then the central bank will remain on the path of the next “billed” interest rate increases. We will find out on June 15 when the Fed has scheduled the next interest rate announcement with markets expecting a 50 basis point increase and the intervention rate reaching 1.25%.

It goes without saying that any change will have a corresponding impact on the markets. Earlier on June 9, the ECB met on euro interest rates without expecting changes in the intervention rate (-0.50%), but it is estimated that long-term financing to the banking sector (TLTRO) with negative interest rates will gradually cease. This will be the ECB’s first step towards tightening liquidity.

Technical image

The weekly forced fluctuation reached 13 points in the General Index. Therefore we did not have major changes in the technical part. Graphically, the General Index showed more willingness to maintain forces, “protecting” the key zone of 890 units. The close of the week found buyers to have won a victory by staying above the levels of 890 points, however the gradual decline in turnover can not be considered supportive of further price increases.

However as long as the market trades above the 30, 50 and 200 day moving average in a rare simultaneous convergence of the three trend indicators at 886 points giving buyers a slight lead. However, the project of a new upward escape will require much better trading data as the increase in supply above the levels of 900 units is obvious, concludes Mr. Hatzidakis.

Dashboard

On the board now, Hellenic Petroleum and EYDAP closed with gains of 4.14% and 4.08% respectively, with Eurobank following with + 3.44%. The increase in Motor Oil, OPAP, Alpha Bank and IPTO was over 2%, with Aegean closing at + 1.38%.

Terna Energeiaki, Ethniki, Mytilineos, PPA, Jumbo and GEK Terna closed slightly higher, with Piraeus unchanged. On the other hand, Viohalco, PPC, Coca Cola, Ellactor, Lambda, Titan and OTE closed slightly lower. ELHA and Quest lost 1.24% and 1.40%, with Sarantis closing at -2.19%.