Stock market: Profit taking, in view of tomorrow’s critical announcements

The Athens Stock Exchange found significant support today in order to maintain contact with the 920 points, which, although it was even at -0.80%, managed to collect its losses in the end.

In particular, the General Index closed with losses of 0.27% at 918.06 points, while it moved between 913.11 points (-0.80%) and 920.92 points (+ 0.04%). The turnover amounted to 62.1 million euros and the volume to 19.8 million units, while 0.5 million units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 0.21%, at 2,212.80 points, while at + 0.95% Mid Cap completed the transactions at 1,508.83 points. The banking index closed with losses of 0.51% at 597.37 points.

After the explosive rise on Monday, the Stock Exchange is trying to manage the corrective moves that come out reasonably, especially in securities that recorded significant returns in the previous period, such as PPC. Of course, what many analysts point out is that these corrective moves are not “severe”, as was the case in previous cases of market folding, further foreshadowing the efforts of several portfolios to improve their liquidity.

Concerns about the pandemic in the country have also returned, as the cases in the Greek community jumped yesterday to 8,613 records. And while the government may exorcise lockdown scenarios, the truth is that in all European countries they are forced to take action to prevent the worst.

The two fronts

Tomorrow’s meeting will clearly be very interesting, with many portfolios trying to encapsulate part of their liquidity in view of the critical announcements for the GDP of Greece and the restructuring of the MSCI indices tomorrow, November 11, 2021. Especially on the second front, the market has created many scenarios on paper for the possible changes that the house will announce in the Greek index of interest, with the positions already taken from the domestic market.

On the first front now, estimates so far indicate that the European Commission will proceed with a significant revision for the development of Greece for 2021, from the 4.3% forecast last May to 6.1%. And according to Capital.gr, the dynamics that the Greek economy has developed after the opening of the market in May, will probably lead the Commission to revise its forecasts, approaching the forecast of the Bank of Greece for 7% growth in 2021, rather in its winter forecast in February.

Of course, in a predominantly consumer economy, no one knows what the effect of rising inflation will be on consumer confidence, as the price index jumped to 3.4% in October from 2.2% in September. In fact, as those in charge explain, this increase is due to the rapid increase in energy products, but it is not ruled out that this picture will be reflected in the next, winter months, in the formation of GDP.

On the dashboard

On the board now, PPC, Alpha Bank, HELEX, IPTO, Titan and Aegean recorded losses that exceeded 1%, while Lambda, Mytilineos, Motor Oil, Piraeus, GEK Terna, Ethniki, Sarantis, Cocala EYDAP closed slightly down. and OTE.

On the other hand, Biochalco strengthened by 2.70%, with PPA, OPAP and Jumbo following with an increase of more than 1%, providing significant market support. Eurobank, Terna Energy, ELHA and Hellenic Petroleum moved slightly higher. Ellactor closed without change.