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Stock market: Painless correction, held 920 points

The Athens Stock Exchange moved steadily to 920 points today, which, moving in a narrow range of five points, managed to manage the corrective moves that took place and to rely on the rise of selected stocks that acted as a mound.

In particular, the General Index closed with losses of 0.08% at 920.52 points, while it moved between 919.19 points (-0.22%) and 924.30 points (+ 0.33%). The turnover amounted to 77.8 million euros and the volume to 20 million units, while 1.8 million units were traded through pre-agreed transactions.

Stock market: Painless correction, held 920 points

The index of high capitalization closed with a fall of 0.32%, at 2,217.53 points, while at + 0.25% Mid Cap completed the transactions at 1,494.60 points. The banking index closed with losses of 0.78% at 600.41 points.

After yesterday’s jump, the market needed a halt to be able to assimilate the two-month highs in which it is, but also to enable several portfolios to encapsulate part of the profits of the previous period. After all, the market recovery from the levels of 850 units on October 1 has been marked by a key feature. The selective movements and the assimilation of the intermediate stairs before the highest levels are tested.

Also, what is observed since yesterday is the “attitude” of the banking sector, which had taken on the role of pillar in the efforts of sellers to go down 900 points in the previous period. The industry needed a stance, which according to technical analysts should not deprive the industry index of 600 points if it wants to maintain an aggressively positive attitude.

Another element that was repeated today was the increased turnover in the share of PPC, which is reasonably in the spotlight. And it will remain, after all, as it comes from the capital increase that caused significant stock reclassifications, which will peak as soon as the new shares enter the board.

Support from JP Morgan, with an eye on MSCI

PPC, however, will play a leading role in the near future and in view of the announcements for the restructuring of the MSCI indices. And the big question is whether PPC enters the indices before the completion of the AMK or after the introduction of the new shares on the board. It is reminded that the shares that already participate in the Standard Index (the weights are based on the closing of 30/9) are only five: OTE (29.73%), OPAP (21.84%), Alpha (19.44%) , Eurobank (16.75%) and Jumbo (12.24%).

It is reminded here that the possible changes of MSCI will be implemented on December 1, 2021 and there are many brokers who connect the situation with the closing of foreign books. It is reminded here that at the end of November, foreigners close books with everyone thirsting for returns. Rarely does this month give negative closures.

Besides, as JP Morgan mentioned in today’s note, in the Greek listed companies the profitability in 2021 will increase by 21.8%, in 2022 it will move to 17.3% and in 2023 to 7.2%. Compared to the international markets, he expects an increase of EPS by 49% this year, while for 2022-2023 he estimates that it will move to 7.5% and 8.9%.

On the dashboard

On the board now, Jumbo closed with losses of 2.85%, with Eurobank, Mytilineo and Ethniki following with a drop that exceeded 1%. IPTO, Sarantis, EYDAP, OPAP, Ellactor, Motor Oil, Hellenic Petroleum, Titan and Coca Cola closed slightly lower.

On the other hand, Terna Energeiaki strengthened by 3.69%, with HELEX, PPC, PPA and ELHA following with an increase of more than 2%. Aegean closed at + 1.37%, while Viohalko, Lambda, GEK Terna and Alpha Bank closed with small profits. OTE and Piraeus closed unchanged.

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