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His Eleftheria Kourtalis
Faced with the strongly negative climate of the European markets, the Greek stock market has been "beaten" and managed to close on a slightly negative territory, in a context of high volatility of the banking stocks, most losing their initial profits and closing in the darkest days. However, the general index recorded its first week on the rise after a four-point decline that began on September 24th.
Although the low turnover rate shows no substantial activation of foreign portfolios that maintain a cautious stance on the ESA after climate change in international markets and the heightened concerns about Italy, the trade war, the profitability of the companies, but the restriction the pressure and sales of the sellers are considered "positive" at this stage, although the "fuels" allowing the Greek market to continue the self-badessment of the international stock markets do not seem not exist at the present time.
What puzzles badysts, aside from the persistently low turnover rate, is the heightened volatility, which in a market as shallow and vulnerable as ATC offers ways to stay as long as ever before. more in the short and long term – that is the great demand-placement. The strong inter-weekly fluctuations in the shares of Greek banks this week constitute a new "feature" of the Greek stock market, which somewhat darkens the image of the lawsuit.
The overall index ended up with a loss of 0.03% to 633.27 points, while it was moving today between -0.75% and + 0.74%. The turnover amounts to 41 million euros, the volume to 23 million units and the volume of parcels to 13 million euros.
The high capitalization index closed down 0.36% to 1,664.09 points, while that of mid-cap companies finished at -0.14% to 991.82 points. The banking index closed down 1.34% to 515.18 points.
The last week of October was positive for the Greek stock market, after four weeks spent in the "red", which gained 1.35%. After -3.88% last week, the banking sector managed to recover, recording a weekly gain of 10.2%, while the FTSE 25 index closed at + 0.8%.
On another day, banks saw strong fluctuations during the day, Alpha Bank closing down 1.16% to 1.2770, while intraday transactions went from -3.17% to 1.78% . , Eurobank at + 0.36% and at EUR 0.5520 with intraday variation from + 3.64% to -1.64%. Ethniki also fell by 3.38% to 1.4580 euro, which was high in the day while the month climbed to + 1.39%, and Piraeus recorded a 2.24% decline to 1.2200 euros also low day with intraday variation up to + 3.69%.
The situation was mixed in the other categories, with the strongest gains recorded in the fields of Engine oil (+ 2.80%), EYDAP (+ 2.45%), HELEX (+ 1, 75%) and HELEX (+ 1.43%). On the contrary, the strongest pressures were on Sarantis (-1.15%), Coca Cola (1.59%) and GEK Terna (-1.13%).
Pressure was also exerted on the bond market, with 10-year Greek bond yield rising 1% to 4.277% and the 5-year yield rising to 3.407%, with a sharp rise of 3.1%.
As Beta Securities's Manos Hatzidakis notes, the four-week drop was halted over the past week in the ATHEX, as the banking sector's awakening helped to reverse the climate and contain the overall index. . Despite the inertia of the markets and the increasing volatility abroad, the national equities presented a rather unusual picture – for this year's data – moderate fluctuations, limiting the depth of the intra-market troughs. day laborers as well as the image of the final fences. The overwhelming image of the banks and possibly some over-the-counter positions (short positions) accelerated the recovery of the banking sector, which started its upward course after a record high in 32 weeks. The market is gradually entering the last line for the end of the year and it is not excluded that market behavior is changing in November and on the basis of this management logic.
Beyond that, news that can provide support at a fundamental level has not been delivered, which helps to keep the sustainability of the climb on track. The banks have news in front of them, but their positive result is not certain. The arrival of November will accelerate sales and securitization of red loans, interest being now the focus, each transaction becoming a guide for the evaluation of the remaining loans. Also in November, the final proposal to create the badet protection system for loans of 10 to 15 billion euros is expected. At the end of the month, the nine-month results should show the extent of progress made on red lending, restructuring and organic profitability. All of the above is in a permanent phase of questioning which, in addition to the pressure they exert on evaluation, prevents conservative profiling portfolios.
In the market chart, the 650 units are the next target, this time with better conditions since the general index just confirmed support for 610 points. Millions of people, but still up to date, have to exceed 650 units, which is a transaction for growth, because the winners of the lowest will want to secure some of their quick profits. In conclusion, the continuation of the rise has the first floor next week.
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