Divide banks with Coca Cola wildcards

Cautionary definition of the session, the overall index moving in a range of less than 7 points, with a number of sentimental changes and all indicating that all active traders are waiting for Friday's session and probably the latest bids for decide on his next moves.

Although Index Banking Securities, along with the Banks Sector Index, "saw" the two signs at the meeting, from the middle of the meeting and after the meeting of the Banking Commission, she was also "split". Alpha Bank (up to the final auction) and Eurobank (+ 2.33%), followed in a diametrically opposite direction, relative to their titles National (-8.64%) and Piraeus (-7.96%), probably in line with expected outflows due to MSCI, but also as a result of the announcement of an impending merger between Eurobank and Grivalia.

Of course, all of the above before the final bidding, where those who watched prices change during the 10-minute auction, saw at least extreme changes, a sample of what the ATHEX is waiting for. at the meeting on Friday.

It should be noted that at the last auctions, at low day Alpha Bank (-1.25%), Ethniki and Piraeus closed, as well as the sectoral index of banks.

It would not be an exaggeration to claim that the "three bodyguards" (The Three Musketeers) ensured the holding of the present, after a strong and positive sign of the meeting.

More specifically, his "courteous sponsorship" EEC (+ 3.75%) because it was the only title of the FTSE25, which evolved permanently with a positive sign, while in the end a considerable help OTE (+ 2.02%) and Engine oil (+ 2.50%), also subsidized by the final auctions, which closed in the open.

In the features of today's meeting, the disdainful image of 25th non-bank, with the exception of the European investigation decision, but also by maintaining the turnover at satisfactory levels because of the large number of previously agreed transactions.

First estimates of badysts

"The new Eurobank data, as well as the receipt of the TSE project by SSM, for its own SPV, aimed at transferring half of the NPEs, will continue to occupy the market today, causing volatility, while it should continue sales of foreign portfolios due to MSCI.OPAP and Aegean announce the results at 9 months ", said Cycle of titles.

"The upward depreciation of Eurobank was short, but we also attribute it in part to the haircut that Grivalia retained in the exchange ratio for most of the trading day, thus offering the possibility of exploiting the existing portfolio's existing exposure in the bank The decline in the country's 10-year yield is mainly due to the corresponding 10-year decline in the 10-year Italian yield due to MSCI. Until Friday, we do not expect much from the general index of the Athens Stock Exchange. "She stressed her own views Merit Sec.

"The third quarter results are published in the current agenda of the OPAP and the Aegean, while HELEX is holding a teleconference to inform badysts." The internal market is in accumulation, but some selective positions, because of the results, could be "appreciated" Beta Sec.

How the shares of the bank have moved

To return to today's session, starting with the banking index, its sector index ranged between 437.27 (+ 1.53%) and 423.84 points (-1, 59%). At 17:00, he was at 436.4 (-0.99%) and, at the final auction, he closed the session at 421.46 points on the working day, with a daily loss of 2.14%.

For the PPC and in accordance with the short-term charts, the first is the recovery of 457 units and the strong demand for a return goal of more than 547 points, with a goal of 695 points. If suppliers continue to look more and more mobile, a drop of 358 points can not be ruled out.

Stay in the banking sector and according to Chr. Kitsiou, "it is realistic that the Eurobank plan materializes by the end of 2019 in favor of the securitization and deconsolidation of" red "loans with a nominal value of 7 + 2 billion , realizing the three-year reduction plan two years earlier of its unprocessed exposures The Bank combines the capital badistance with the absorption of Grivalia AEEPAP by accelerating the consolidation of its balance sheet.To achieve the above-mentioned objective, the global architecture of the group changes in order to avoid dilution.Shareholders due to damage to record the securitization of loans ".

In addition, according to the report by Ann Papaioannou, "The leaders of the banking sector, positive and significant, describe the approach of Eurobank and emphasize that the support of shareholders at this stage is essential. the key to ban banks and the stability of the industry. The bank's commitment is however difficult to adopt by other banks, because, according to Euro2day.gr, the main banking system agent, no credit institution can bear a blow to its capital, it is easy to to do such a business. "

Returning to the meeting today, he can the final image DG and FTSE25 to show a positive sign and the moods that have accumulated, but those that took place in the Banking Commission and the prices that were formed in the final auction "triggered a red alert" at several securities dealers, before the following Friday.

According to badysts, each short-term upward reaction attempt will affect all suppliers, due to the future consequences of the restructuring of the MSCI indicators.

Forthcoming Non-bank 25h and as mentioned above, its title EEC This is the one who won the impressions, completing a second consecutive meeting and confirming the role of "bodyguard" for the main indices of the Athens Stock Exchange.

Technically, with escape higher of 26.05 euros, the title gave a daily mark of investments, with the next resistance at 27.67 euros.

"Publish" meetings down its share Fourli (-4.58%), while today's sellers have shown more aggressive provisions. If the run-up continues, the first support is 4.06-4.00 euros. At 5,11 euros a day "stop".

By decreasing the capitalization, the lower and lower movements English (-4.41%), probably due to MSCI (upcoming release of Small Cap), five sessions down in the last six for Wind (-0.94%), while three consecutive downstream meetings have completed the Pl Thrace (-1.58%).

He reacted after three consecutive meetings down and a "morning buyer" Nireas (+ 12.88%), three consecutive meetings to come for Selonda (+ 5.33%) and centric (+ 4.09%), insists on the medium term I suck (+ 3.10%), while buyers were now showing a much more aggressive mood Mouzakis (+ 10%). The title, and technically, gave a daily mark of investments, while it was interesting to note that he had "experienced" a negative close since the November 7 meeting.

Technically, today's meeting may not change key indicator data, but the outdated atmosphere, which is only optimistic, can not be described.

In any case, and according to the short-term charts, General Index is maintained above 602 points, there is a slight hope to increase to 658 points if it exceeds the intermediate resistance to 619 (strong) and 636 points. Otherwise, 593 and 580 units are "on hold".

For the index uppercase (+ 0.89%), 1675 units remain a reference and a potential target in the event of an upward reaction with intermediate resistances at 1587-1600 units. The approach and, moreover, exceeding 1675 points will result in a significant closure of closed portfolios, which will therefore require a significant increase in demand in order to absorb the supply.

Conversely, a closure with a low point of 1548-1534 will aggravate the technical picture, restoring the 1400 approach scenarios.

What do market badysts comment?

"The concession of meetings down from previous days, which led to the division of 600 units (to 593.05 points on 20/11), following the liquidation of Banking Securities in anticipation of the deadline for restructuring indicators MSCI, has caused a "red alert" to Greek bankers, "he says Dimitris Tzanas.

Thus, the initiative of the Bank of Greece for the formulation of an effective project, aimed at accelerate the transfer of "red" loans bank badets to a "special vehicle" is underway. It is already being examined by the SSM (European Monitoring Mechanism). At the same time, another Greek bank, Eurobank, presented a different plan for its restructuring.

The transaction data, which certainly surprised the investment community, is remarkable and, despite the complexity of the project, led to the simultaneous implementation of two objectives: the modernization of Eurobank's capital with the absorption of Grivalia, dramatic improvement in capital ratios and radical consolidation of its loan portfolio by transferring a significant portion of the NPEs to the newly formed SPV, which will continue the securitization process.

The Bank is thus preparing the ground, once the procedures are completed, to "change page" and to engage more actively in the development objectives and especially in the formation of larger credit objectives, creating thus the conditions for changing the sign of the negative expansion of credit up to now.

At the same time, the message for other banks is that they must search their own ways, in order to speed up the consolidation process, without the need for new capital, a process likely to coincide with the bank's plan, as there is no main holder for solutions similar to those launched by Eurobank.

Do they mean that the time has come to change the situation on the Greek stock market? It is rather premature to say yes to this crucial question as long as mbadive sales of foreign portfolios continue to be finalized in Friday's auction, in response to the necessary restructuring of the MSCI indicators.

However, provided that the consolidation of all systemic bank portfolios is European authorities to play a major role in the project, there will likely be a "different December", technical badysis continuing to differentiate the 620 range as the strength limit and 580 units as the support limit. At the present time, nervousness and increased volatility imply a shift in investment psychology from negative to positive and vice versa.

Meanwhile, the international environment continues to have data that feeds turbulence.

The summit of the EU approved the project "Brexit" the British House now having the floor.

The German economy is slowing down and indicators are deteriorating.

However, the controversy between Rome and Brussels seems to diminish, it turns out that Italians are falling back on their budget positions, which has beneficial effects on multi-year, Italian and Greek bonds (at 4.30% -4.40% at 10 years). More important, however, is the G20 outcome at the end of the week with the Trump and Xi meetings to determine the course of negotiations between the US and China on trade relations.

"This is the setting for low expectations for the markets, with options open for their upcoming moves," said the Investment Director of the Securities Cycle.

International economic developments

Mixed signs have been met today by major Asian and Pacific markets.

Beware of the climate in Europe, mixed moods on Wall Street.

Gold and euro pressures, oil gains.

The scripts reproduced in the Italian press for reduction of the deficit target Citi comments 0.2%, from 2.4% to 2.2%.

According to the Parliament, "the possibilities of negotiations with the EU to avoid the excessive deficit procedure are extremely limited." Rome should complete folding in his plans budget and commit to adopting a neutral fiscal stance and keeping pace with pension reforms. It does not seem to happen. "

European equities will be more affected than the United States if they are to become a complete trade war, but emerging markets will be even more affected, "according to a study published by the European Central Bank.

The German magazine "Wirtschaftswoche" reported that the exhibition in the hands of Trab is an exhibition of the Ministry of Commerce. "Trab will probably decide tariffs even next week after its meetings at the G20, is highlighted in the report of the review.

According to Wirtschaftswoche sources, the report proposes a 25% tariff on car imports from all countries, with the exception of Canada and Mexico.

US President Donald Trump said that expects the additional duties to be applied imported Chinese products worth $ 200 billion, bringing their tariff rate to 25% instead of the current 10%.

In an interview with The Wall Street Journal, it was highly unlikely that Trab would accept China's request to not apply the additional tariffs, which should come into effect on January 1st.

They are reinforced real estate prices in the United States, although earnings are down to the lowest since January 2017, due to rising mortgage rates.

Prices moved up 5.5%, in annual reading in September, down 5.7% in August, according to S & P Case-Shiller.

Back to ATHEX

Greek stock market results are weak in the third quarter and nine months of Beta Securities, thus setting the recommendation and the target price under review.

ATHEX has reviewed the shareholdings of companies, which fall under the provisions of the CSE Rules on delisting, and has decided as follows:

1. Deletion of company shares: Altec, Alco, Attica, Balkans, Seat, El. Aquaculture, EBZ, Mechanics, Texapres, Trophies, Bank and Post. Savings Fund, who have been suspended for more than 6 months. The deduction date of all the shares of the aforementioned companies from the trading systems of the Athens Stock Exchange has been set for Wednesday, December 12, 2018.

Allotted time until June 30, 2019 the companies Keramies Allatini and B. Vovos, following a reasoned request from companies and in order to eliminate the reasons for the deletion of their shares.

Returning to the "remarks" of the meeting of today, the general index was between 609.28 (+ 0.97%) and 602.42 points (-0.17%), at 5 pm it was 605.28 (+ 0.31%) and, at the end of final auction, lifted the session to 604, 26 units, with a daily gain of 0.14%.

Turnover amounted to 75 million euros, of which 22.7 million related to previously agreed transactions (ALFA, OPAP, GRIV, MYTIL, EUROB, BELL, PIER, OTE, FRL), while GRIV, EUROB and OTE accounted for 51.5% of the total gross value of transactions .

Among the large cap stocks, they have not been in contact with the negative sign EEC and DAS.

On the contrary, EYDAP, LAMDA, did not "greet" during the meeting.

At the last auctions, Viohalco, Motor Oil, OTE were closed the big day and Alpha Bank, Ethniki, Piraeus, GEKTERNA, PPC, EYDAP, Mytilineos, Sarantis and Titan were closed down.

Bad final photo with 38 shares up against 48 declines, while 14 titles ended the session with losses of more than 3%.

—- CBA

A remarkable growth meeting in the derivatives market, with transactions remaining at relatively satisfactory levels in the index contract and even more so in the JMG. shares (73,473 contracts).

In 3,910 index ratios open positions (from 4,031 at the previous meeting) for the first month (December).

The index contract uppercase (1,357, 1,335 for December and January 22 for a first month liquidation price of 1,590.5) ranged from , depending on the liquidation price.

Minimum outstanding securities loan (8,400 engine oils, 293,360 euros), while JMG transactions continued. (18,129), Alpha Bank (2,647), Piraeus Bank (2,713), PPC (531), National (46,017), Mytilene (228), MIG (358), EEE (186), OTE (300), ADMHE (339), Greece (425), El. Πετρέλαια (141), ΟΠΑΠ (546), Intralot (458).

Οι μεγαλύτερες ανοιχτές θέσεις – συμβόλαια (Μέγεθος Συμβολαίου: 100 Μετοχές, Φυσική Παράδοση), για τον πρώτο μήνα (Δεκέμβριος), στα Σ.Μ.Ε. επί μετοχών σε: MIG 49,626, Eurobank 48,237, Alpha Bank 25,015, Εθνική 271,289, Πειραιώς 14,773.

Οι σημαντικότερες καθαρές αρνητικές θέσεις που δημοσιοποιήθηκαν στην Επ. Κεφαλαιαγοράς και ξεπερνούν το 0.5% του συνόλου των μετοχών:

Position Holder Name of Issuer NSP Date

Lansdowne Partners (UK) LLP	PIRAEUS BANK S.A.	2.74%	2018-10-26
Lansdowne Partners (UK) LLP	EUROBANK ERGASIAS S.A.	1.33%	2018-10-26
Lansdowne Partners (UK) LLP	PUBLIC POWER CORPORATION SA	1.51%	2018-10-12
Marshall Wace LLP	PIRAEUS BANK S.A.	0.59%	2018-11-20
Oasis Investments II Master Fund LTD	FOLLI FOLLIE S.A.	0.80%	2018-05-17
Lansdowne Partners (UK) LLP	ALPHA BANK S.A	0.51%	2018-10-05

DK: Net Short Position

Οι περισσότερο δανεισμένοι τίτλοι, μόνο από OTC (*), καθώς το Χ.Α., πλέον, στην συγκεντρωτική κατάσταση του ΗΔΤ δεν δημοσιεύει τους δανεισμούς από την ΕΧΑΕ, είναι: Alpha Bank τεμ 29,984,518 (29,984,518 από τεμ. . στην αμέσως προηγούμενη συνεδρίαση), Πειραιώς 23,020,379 τεμ. (23,630,982), ΔΕΗ 6,483,732 τεμ. (6,478,732) Eurobank 50.154.308 τεμ. (57,848,331), Εθνική 6.820.078 τεμ. (6,714,623), ΟΠΑΠ 1.007.199 τεμ. (1.007.199), Folli Follie Group 1.363.949 τεμ. (1,363,949).

(*) Τα στοιχεία Συναλλαγές Δανεισμού Τίτλων μέσω OTC δηλώνονται από τους χειριστές ΣΑΤ και αφορούν τις ποσότητες που έχουν καταγραφεί στο ΣΑΤ έως και τη προηγούμενη εργάσιμη ημέρα.