MSCI Manual Stock Market Jump

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of Alexandra Tombra

The Athens Stock Exchange is recording strong gains today, as it receives a strong boost from both Ethniki and Mytilineos, as well as from the reaction recorded by the banking sector after 12 days of decline.

In particular, the General Index records gains of 2.65% at 868.86 points, while the turnover is at 20.5 million euros and the volume at 7 million units. The FTSE 25 also recorded an increase of 3.20%, to 2,097.04 points, while the banking index gained 5.01% to 573.74 points.

MSCI Manual Stock Market Jump

After several restructurings … of waiting, the titles of Ethniki and Mytilineos entered the MSCI Greece index, causing an explosion of buy orders today in the two shares, which “drag” almost the entire ATHEX upwards. The changes will take place at the close of May 31, when a strong rebalancing is expected to take place, with significant inflows in the two shares to be included.

The positive development also freed the banking index from the twelve-day downward series that it records since April 26, and has cost more than 120 points. The industry has been at the center of liquidations as it is estimated to be part of the market rerating to lower growth estimates.

Today’s reaction, however, is significant, at a time when the market was in a sharply declining cycle. From the highs it had recorded in mid-February, it has already lost a -13.25%, while, according to Ap. Manthos of Aenaon Markets, in order to be considered entering a “bear market” it will have to stay down for several days. from -20% which is 778 points.A fact that, in order for it to take place, the banking shares will have to lose another -13% to -15% from yesterday’s price levels, but where they are already “dragging” losses above it – 20% and the index-weighted OTE, Coca Cola HBC, Jumbo, Mytilineos and OPAP to deliver more downhill ground, something that will hardly be able to take place on the board.

On the board

On the board now, Ethniki and Mytilineos record gains of 6.91% and 6.04% respectively, with Eurobank and Alpha Bank following with + 4.54% and + 4.42% respectively. Over 3% is the increase in Coca Cola, Jumbo, Terna Energy, Sarantis and PPC.

Profits in Viohalko, Lambda, Piraeus, Quest, OTE, ELHA and Titan exceed 2%, while those of GEK Terna, OPAP and Aegean 1%. Ellactor and EYDAP are moving slightly upwards, with Hellenic Petroleum, IPTO and PPA having no change. Motor Oil loses 0.38%.

Source: Capital

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