Stock market: Standby, keep the positive sign

With the signs being divided, the Athens Stock Exchange showed today more the intentions of waiting and maintaining the levels, as although it closed with a small increase, the fixation of the trading activity reminded days… August 15th.

In particular, the general index closed with gains of 0.06% at 955.93 points, while today it moved between 950.84 points (-0.47%) and 959.13 points (+ 0.39%). The turnover amounted to 48.3 million euros and the volume to 19.2 million units, while 2.49 million units were traded through pre-agreed transactions.

The high capitalization index closed with losses of 0.02%, at 2,338.00 points, while at + 0.36% Mid Cap completed the transactions at 1,600.93 points. The banking index closed with losses of 0.16% at 728.95 points.

On a weekly basis, the general index closed with losses of 1.56%, while the FTSE 25 fell by 1.59%. However, the decline in the banking index reached 2.23%.

Waiting and vigilance

Geopolitical concerns have slowed down the upward mood of investors in the ATHEX, which continues to outperform foreign markets, says M. Hatzidakis of Beta Securities in his weekly comment. The wait-and-see attitude after Wednesday’s meeting currently expresses the majority of those involved, and it makes sense in a confused situation to distance oneself until the landscape is clear.

However, the decrease in interest on the ATHEX is not expressed both in outflows and in abstention, thus reducing the dynamics of liquidations that are expected to prevail when the geopolitical intensity escalates, a fact that was reflected in the contraction of the turnover towards the end of the week.

At the same time, the change in the attitude of foreigners towards the most positive is expressed more openly in their analyzes, both macro and micro, with the banking sector as a point of reference. This change was accompanied by a positive balance of inflows to the ATHEX in January and seems to have come to stay, implying that after the crisis has eased there will be more intense action on the part of the international community.

In the business landscape after the announcement of the acquisition of European Insurance Credit the situation remains lively, with the food industry taking the baton on the front of acquisitions and mergers. Mobility also seems to be affecting retail chains as new players create conditions for concentration, while in IT a new cycle of fermentation has begun to create larger schemes in view of the new projects coming out in competitions.

In the construction sector next Tuesday 22/02 we will have a barrage of auctions with the Bypass of Chalkida and Psachna (210 million euros), the connection of Kymi Avenue with PATHE (over 430 million euros) and the section Neapoli – Ag. Nikolaos of BOAK (190 million euros). The lively activity that is observed is expected to keep the ATHEX dashboard warm as the Market is constantly fed by news that mitigates or completely dampens the geopolitical shocks.

It is characteristic that the depth of the correction in the declining days of the international markets is quite modest compared to the past, while the reaction reflexes have limited the opportunities to re-enter sold portfolios in most index-weighted securities.

The technical image

Technically, the General Index, although at the end of the week closed almost at the same levels as last Friday, had previously given a new 7-year high. The ascent is built in a special way, conquering a higher step each time and then correcting relatively gently without disturbing nodal points of the trend. Although the MACD lost the trading signal on Thursday, the 30- and 50-day moving averages were not threatened and the oscillators remained neutral, maintaining the 990-day moving average before entering overvalued areas.

The time consuming between 930 and 960 may continue with buyers in control of the situation who may have lost momentum, but have discharged the strongly upward image of the banking sector that leads the market. A clearer picture is given by the weekly price chart which shows that the change of levels attempted since mid-January remains in force, indicating a potential upward vigilance. At present the consumption time at the high of 7 years does not seem to have been completed given the proportions observed in the recent past.

Dashboard

On the board now, ELHA closed with a jump of 4.89%, with Viohalko, GEK Terna, OPAP and Piraeus following it with an increase of more than 1%. Jumbo, Mytilineos, EYDAP, Quest, Eurobank, Coca Cola, Motor Oil, IPTO, Hellenic Petroleum and Lambda recorded mild gains.

On the other hand, OTE and PPC were the big weights in the market, as they closed with losses of 1.74% and 1.43% respectively, while Ethniki, Alpha Bank, PPA, Titan, Aegean, Ellaktor, Terna Energeiaki closed slightly down. and Sarantis.