The Stock Exchange is trying to absorb the pressures

LAST UPDATE: 11.35

The sellers are making their presence more and more intense on the Athens Stock Exchange, which, although it tried to move to 930 points earlier, eventually slips to lower levels, correcting from a two-day rise.

In particular, the General Index records losses of 0.21% at 921.17 points, while the turnover is at 13.7 million euros and the volume at 5.5 million units. The FTSE 25 also fell 0.25% to 2,219.27 points, while the banking index gained 0.06% to 609.72 points.

The question of new placements

The stay of the general index above 920 points coincides with the rise of the banking index (DTP) above 600 points, a level that is high for the semester, and activates, according to certified analyst Petros Steriotis, buying reflexes of a technical nature. Thus, here the index gives its own “helping hand”, with the next price resistance being located at this year’s high of 639 points. In case of correction, the loss of 600 points and then the November low of 583 points will confirm that a “brake” has entered the appetites of the optimists, according to Mr. Steriotis.

However, as HSCB points out, Greek banks seem to be attractively valued at a 45% discount compared to the emerging market banks of Europe, the Middle East and Africa (EEMEA), in terms of P / TBV of 2022, despite the best ROTE index, adjusted for the highest risk premium and the weakest currencies in the EEMEA region. In addition, they are at a discount of about 40% compared to European banks despite the fact that they have corresponding ROTE levels. In terms of P / E ratios, the discount looks deeper and HSBC believes that the market should pay more attention to this measurement, at least for Eurobank and NBG.

The lower capitalization technology index (LDC) continues to be in its own “universe” being at over ten years high. The movement of this indicator in a parabolic curve draws the attention of those interested as well as even the closest points of diagrammatic support have moved far enough, adds Mr. Steriotis.

Dashboard

On the board now, OTE and Coca Cola are the two weights of the market, with losses of 1.23% and 1.07% respectively, with IPTO, Eurobank, Terna Energy, PPC, Titan, HELEX, Mytilineos, Jumbo, Aegean , GEK Terna, EYDAP and Viochalko to move slightly downwards.

On the other hand, PPA remains at + 1.21%, with Piraeus, Hellenic Petroleum, Ellactor, Alpha Bank, OPAP, ELHA, Sarantis, Lambda and Ethniki following with modest gains. Unchanged are Ethniki, Motor Oil and Viohalko.