Stock market: Returning sellers to the lead

LAST UPDATE 16:50

The Athens market is trying to move to positive ground, which with a strong impulse from the titles of the GEK TERNA group offsets the profit taking and differentiates itself from the European indices.

In particular, the General Index is now moving at 884.9 points with a small drop of 0.56% and a turnover of 63 million euros. The FTSE 25 is down 0.88% at 2,142 points, while the protagonist of the banking day shows losses of 2.3% at 644 points.

The “attack” of buyers in GEK TERNA (+ 7.8%) and TERNA Energeiaki (+ 5.4%) gave support to the market from the morning, in the midst of an international climate of securing profits, and with the help of the banking sector which after Another positive international report limited its decline, the DG deleted the losses (up to -1.39%) having temporarily moved to a positive sign.

This is even more valuable as European markets continue to decline significantly, with the German DAX at -1.4%, the French CAC 40 at -1% and the pan-European Stoxx 50 at -1.08%.

Similarly, futures in the US are slightly down, from -0.25% (Dow) to -0.45% (Nasdaq).

Yesterday, the prospect of a ceasefire in Ukraine, which emerged in the new round of Kiev-Moscow negotiations, brought a wave of general optimism in the markets, mainly in Europe, which was exploited by the ATHEX in the best way.

The 3.25% jump brought the DG virtually to the level it had started the year (893.34), while it covered almost half of the losses due to the war (high for 2022 at 971.09 points on 11/02), having recovered significantly from 789.66 points (8/03).

On the positive side of yesterday’s meeting are the increased turnover close to 100 million euros, as in the previous five it had not exceeded 65 million, but also the diffusion of liquidity in a number of securities, both high capitalization and medium.

It is noted that in the previous significant rises, the banking index was leading, while yesterday the high capitalization followed a parallel movement with the banks as a whole.

In any case, of course, the banks are taken for granted that they will continue to lead, as the positive messages received from investment houses continue almost every day, which set their target prices at significantly higher levels than the current ones on the board.

Characteristically, after the votes of confidence from S&P, HSBC and AXIA, Moody’s today proceeded to upgrade the Greek banks, maintaining the positive outlook. Something that reduced the pressure on the board to some extent, although it continues to outperform profit taking after yesterday’s jump.

On the board

The TERNA group gathers the most markets, with GEK holding a rally of 7.8%, TERNA Energy next to + 5.4%, followed by Aegean with + 3.7%, Ellactor with + 3.4% and PPC with + 1%.

On the contrary, Coca Cola, OTE and Motor Oil, which starred yesterday, correct with -2.3%, -1.65%, and -1.3% respectively, ELVALHALCOR also loses 1.14% and OPAP 0.45 %.

Controlled sales in banks after the outperformance yesterday, with Piraeus moving at -2.14% and Eurobank at -1.4%, while the NBG is at -1% and Alpha at -1.7%.

In the medium capitalization, Avax benefits from the rally of the construction sector and moves at + 3.7%, Entersoft makes a jump of 3.2% and Intracat strengthens by 2.3%.

Of the total shares, 38 are moving up against 55 falling, while 17 remain stable.

M. Chachladakis