Pressures and nervousness in the Stock Market

Today, the Athens stock exchange is trying to react against the pressures of uncertainty, showing intense nervousness in its attempt to keep the zone of 790 units.

In particular, the General Index registers a drop of 0.43% to 786.19 points, while the turnover is at 3.9 million euros and the volume at 2.3 million pieces. The FTSE 25 also recorded losses of 0.43%, at 1,879.54 points, while the banking index fell 0.85% at 458.27 points.

The low turnover, but also the selective movements, let the Greek market show how vulnerable it is even to small orders in index-heavy securities. Thus, the general index started trading at -0.77%, but quickly found some supports to keep in touch with the 790 points.

The even more interesting finding confirmed today is that the stocks at the center of yesterday’s decline are outperforming today, showing once again how short-term the nature of most portfolios on Athens Street is. It is something that has been pointed out many times by the column, while it is estimated that the tactic will be maintained as long as the uncertainty about Europe’s energy sufficiency remains.

However, the market has many more reasons to attract longer-term investors, given the attractiveness of the levels it has reached. As emphasized by Dim. According to Beta Securities, the valuation of the Greek market remains at very attractive levels since the expected P/E for the next 12 months remains in the single digits and in particular at 9.5 times the profits of the next 12 months.

For Greece, the concern and the low P/E may be due to the fact that the country has a high debt-to-GDP ratio or that profits will not continue after 12 months. The latter is a possible explanation, however, I wouldn’t give it much chance. An alternative interpretation might be the upcoming elections and the time that will elapse until the new government is appointed after two or more electoral processes.

On the dashboard

On the board now, Eurobank, Titan, Terna Energy, Piraeus, Aegean and Motor Oil are recording losses exceeding 1%, while ADMIE, Mytileneos, Coca Cola, Biohalco, GEK Terna, Lambda, Hellenic Petroleum, Alpha Bank are moving slightly lower , National, OTE and OPAP.

On the other hand, PPC gains 1.89%, with Jumbo, EYDAP, ELHA, Sarantis and Quest following with a small increase. Ellaktor and PPA remain unchanged.