The downward ‘gnawing’ on the Stock Exchange continued for the 4th day

A day of strong rise … and four gradual slides, was the image of the Athens Stock Exchange this week, as even today it failed to maintain contact with the zone of 920 points, although it tried intra-conference, with 32% of the turnover distributed to PPC.

In particular, the general index closed with losses of 0.42% at 913.94 points, while today it moved between 913.94 points (-0.42%) and 922.52 points (+ 0.51%). The turnover amounted to 68.3 million euros and the volume to 18.6 million units, while 0.4 million units were traded through pre-agreed transactions.

The index of high capitalization closed with a fall of 0.45%, at 2,202.72 points, while at -0.17% Mid Cap completed the transactions at 1,512.19 points. The banking index closed with losses of 1.21% at 587.31 points.

At the weekly level, the general index closed with gains of 0.78%, while the FTSE 25 strengthened by 0.31%. The decline in the banking index reached 2.43%.

Countervailing forces

The success of PPC’s Share Capital Increase brought immediate results as the share was immediately included in the list of shares of the core index of Morgan Stanley, reports Mr. M. Hatzidakis of Beta Securities. The Greek stock market thus acquired the 6th listed company that is included in global indexes and is the 3rd addition of a share in this index this year.

The opening of the market with investment options in the international factor is recorded in the positive balance of the year as in recent years the limited options due to the departure of companies from the ATHEX board had significantly reduced interest from abroad. The trend of return is also found beyond the companies of MSCI since in the recent teleconferences of results of nine months of index heavy companies (ELPE, Titan) most of the participants had their origin outside Greece.

Speaking of results, the picture so far can be considered satisfactory with the recovery becoming more intense in companies with exposure to tourism but also in sectors that were significantly behind in previous quarters such as refineries. The individual risks related to supply chain shortages, rising energy costs and high transport costs seem to be addressed by a gradual shift in costs to consumption, while the general feeling is that the negative factors will be normalized during the first half of the year. 2022.

On the contrary, the rising numbers of cases seem to concern the investment community more as the image of the epidemiological burden moves to historic highs, even informally putting an issue of stricter restrictions on the table, at a time particularly important for retail. As a result of this dual image of counter-readings from the external environment, the market is practically moving in a straight line, having, however, increased its trading dynamics (+ 21%).

The technical image

Technically, the General Index continued at a slow pace the approach of the main resistance that limits the year highs to 930 points. Since September 29, the Market has had a clear upward trend, it does not seem to be in a hurry to reach new higher levels of trading and every new price gain is secured by accumulation.

Short-term technical indicators are also bought while the oscillators leave a promising upside of 20 points before entering overpriced price zones, however enough to drastically change the market psychology for the more positive. Although the big picture has not changed, last week the General Index traded over 900 points in all five sessions for the first time since the last week of August. This slow but substantial securing of the levels, which takes place with a higher turnover, again favors the case of escape over 930 units in the near future, concludes Mr. Hatzidakis.

Dashboard

On the board now, -3.14% of Ethniki, but also -2.3% in PPA and OTE, exerted significant pressure on the market, which closed at the low of the day. The drop in Piraeus, Ellactor, ELHA, OPAP, Aegean, EYDAP and HELEX was over 1%.

Eurobank, IPTO, Sarantis and Alpha bank closed slightly lower, with Titan and GEK Terna closing unchanged. On the other hand, Coca Cola, Lambda, Viohalko and PPC closed slightly higher, while the gains in Jumbo, Motor Oil, Terna Energy and Mytilineos were over 1%. Hellenic Petroleum stood out with the + 3.62% they recorded.