Sellers reappear in Athens Stock Exchangeconfirming the “murky” short-term trend and not allowing it to exceed 1,450 points.
The Greek market, therefore, continues to stagnation of recent weekswith the successive fundraising have drained the available investor liquidity.
All this, in fact, happens while investors’ eyes are, on the one hand, Attica Bank AMCon the other hand in third quarter corporate results, which should set the tone for the coming days.
Specifically, at the first meeting of the five-day period, the General Index he watches gently drop of 0.75% and is formed in 1,432.76 units, losing about 11 points at Friday’s close (1,443.57 points).
THE arc of diurnal variations extends over 13 units (from 1,432.27 to 1,445.11 units), with the turnover vary in 34 million eurosof which the 7.7 million euros relate to pre-agreed packages.
In the frame, now, oh OTE drops to less than 16 euros, after additional tax obligations in Romania, while Eurobank, Piraeus and Alpha they fall by 1% to 2%. At the same time, the scandalous variations (+3.716%) in the Attica Bank force HEXA to place the share and right on temporary trading suspension.
On the Stock Exchange: The boost in Metlen, the 9th of Cenergy and the… steep climb of BIOTER
Prolonged stagnation
This catalyst, which will help the effort to converge or even surpass the May multi-year highs (1,502 points), is eagerly sought by the Athens Stock Exchange, which sees international markets breaking consecutive historic highs, while “fighting” to escape the range of 1,400 – 1,470 units.
THE million dollar question for Avenida Atenas is as follows: The current stagnation is a short stop for the assimilation of strong holdings as the market crosses the 4th consecutive profitable year? Or does it constitute the vestibule of an imminent “strong” correctionin the context of a broader restructuring of foreign investment portfolios, which will no longer have the “superficial” AX in the foreground?
If no one manages to put their hand to the fire, taking into account the available data, the probabilities converge more towards the first scenario than the second. After all, the Athens Stock Exchange did not lose any of its particularly positive characteristics, what this entire rally was based on – don’t forget that the 2-year return reaches +70% and the 4-year return exceeds +130%.
THE macroeconomic context remains optimistic (steady growth above +2%), political stability appears assured until at least 2027, listed shares continue to trade at attractive levels (P/E of 10.7x for Large Cap shares), dividend yields are high (4.5% for 2024). ), while this year’s profitability prospects “point” to another year – a record (5.8 billion euros net profit for the first half of the year).
On the other hand, it is not excluded that all of the above have been considered “self-evident” for a part of the investment community, meaning that they do not cause positive surprise for foreign managers of funds. This therefore implies that a new catalyst is needed, which will convince investors to bring their money to Athens.
In addition to all this, we must not forget the successive fundraisingwhich undoubtedly “drained” the market in the short term, absorbing valuable parts of the available liquidity, which, it turns out, is not unlimited. At the same time, the large share offering of the last period, which cannot be discarded to continue with new placements of selected listed companies, requires a reasonable period of time to “digest”.
In this environment, therefore, there are many investors who consider that the publication period of the third quarter financial resultswhich begins this week, can act as a lifeline, acting as a warning and reminding foreign traders the deep discount still enjoyed by Greek shares. Especially if the profitability of the 9th month implies an improvement in the existing guidance for the “heavyweights” of the market.
Assimilation abroad
With the corporate results to set the tone for investors, international stock markets remain at historically high levels, while the geopolitical uncertainties continue to push the price of gold to consecutive records.
In this environment, the pan-European economy Stoxx 600 assimilates the gains, causing it to fall today to -0.47% and 522 points. The image is similar in Wall Street, where futures register small losses.
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(The text above is the product of journalistic research and does not constitute an invitation to buy, sell or hold any share)