‘National’ … finger to break the negative streak in the Stock Exchange

With the share of Ethniki making a rally in the last half hour of the session, the Athens Stock Exchange managed to return to the zone of 920 points and “extinguish” most of its six-day bearish streak, while again almost 1/4 of the turnover was traded by the PPC share.

In particular, the General Index closed with gains of 0.87% at 917.87 points, while today it moved between 910.49 points (+ 0.05%) and 918.89 points (+0.98). The turnover amounted to 86.7 million euros and the volume to 40.9 million units, while 10.6 million units were traded through pre-agreed transactions. It is worth noting here that ¼ of the turnover was traded to PPC and 1/5 through packages.

The high capitalization index closed with an increase of 0.96%, at 2,212.15 points, while at + 0.40% Mid Cap completed the transactions at 1,515.56 points. The banking index closed with gains of 1.50% at 600.41 points.

He finally broke the declining streak

Although the market was sluggish until 13:00, with the help of the energy sector initially and the banking sector, it managed to find a rhythm in the second half of the session and re-approach the 920 point zone. Of course, the moves were selective, with PPC again circulating a large part of today’s turnover, with “queues” from yesterday’s rebalancing, while also a large part was circulated through packages.

It remains to be seen whether a break of 913 points will make a difference, trying the next level of 931 points which is a “node” for many analysts for the future. At his side is now the awakening of the banking sector, which today returned to the level of 600 units, where it is facing the resistance of 615 units with greater demands.

After all, we have entered the second half of the 11th month of the year, when the movements of foreign portfolios that close the 12-month strategy are gradually peaking. Traditionally, there are usually moves to close most stocks close to the 12-month highs, but what is most troubling is the low trading activity (with the exception of transactions related to emergencies, such as capital increases).

The banking industry is returning

Apart from trading selected securities, however, what has been pointed out since yesterday is the positive contribution of the banking sector, after more than a week of correction and introversion. The division is approaching the critical level of 600 points, while the “awakening” of the National has helped the other titles to recover. Greek banking stocks are trading on average with a P / TBV index at 0.5x for 2022, ie at a significant discount of 47% compared to the banks in the region of Europe.

Also, in the next period, the Greek banks announce the results of the third quarter, starting with Piraeus Bank on November 19. According to NBG Securities, while a decrease in the annual net interest income (NII) is expected due to securitizations, however, it estimates that the NII from the serviced loans will move at stable levels. Overall, however, NBG believes that the quality of capital and the DTC will be the next key issue that Greek banks will have to face after completing their NPE clearance plans.

On the dashboard

On the board now, Ethniki closed with gains of 4.95%, although at the end of the main session it was even at + 7.89%, with ELHA strengthening by 4.79% and Terna Energy at +4.51 %. Over 2% was the increase in Hellenic Petroleum, Biochalco, EYDAP and IPTO, while over 1% in HELEX, PPA, Titan, OPAP, GEK Terna, Ellactor, Sarantis and Jumbo.

Mytilineos, OTE, Motor Oil, Eurobank, Alpha Bank, Aegean, Lambda and Piraeus closed slightly higher, with Coca Cola on the other side closing with losses of 0.69% and PPC at the bottom of the day, down 2.42 %.