Sellers remained at the helm of the Greek stock market for the third day in a row, gradually intensifying their moves, with the result that the 1,400 points were temporarily threatened. Most securities were in the red, with banks and the energy sector being the focus of the liquidation.
Specifically, in Friday’s (15/11) session, the General Index declined by 13.63 points or -0.96% to close at 1,403.87 points, with a daily high of 1,414.59 points and a daily low of 1,403.23 points. Over the last three days the GD has lost a total of -1.89%. Negative sign in the 5-day (-0.66%), ending the upward streak of the previous two weeks.
Banks recorded another strong decline, with the sector index balancing in the “zone” of 1,200 points. Losses of more than -1% for all systemic (-2% for Piraeus), except for Eurobank. Bank of Cyprus retreated more than -2% in the wake of the 4.8% placement (21.5 million shares package), with the transaction value exceeding 90 million euros. In this way, the liquidator of Laiki Bank has reduced its stake in the share capital to zero.
In the blue chips, PPC, Sarantis, Hellaktor, Autohellas and Cenergy Holdings came under heavy pressure. Noteworthy was the movement of two packages worth a total of EUR 10.383 million in Eurobank, immediately after the start of trading. The volume of the packages exceeded 5 million pieces. Another three packages (one at 11:25, one at 12:40 and one at 16:30) changed hands at the bank, with a cumulative value of EUR 4.98 million. The value of all four packages is over 15 million euros.
Profit taking due to the strong start to November continued today. Downward trends persisted for the third consecutive session, with the GC losing critical support points, such as 1,420 and 1,410 points, while 1,400 points were also at risk. At the same time, Athens seems not to benefit from the barrage of positive reports from domestic and international houses, nor from the better-than-estimated 9-month results of listed companies.
As the dark room column notes, “waiting for fresh capital to come in from abroad, the Greek market is recycling its money by selling off its profits, buying the promises of specific companies.” Recall that today we also had the expiration of November contracts in the derivatives market.
Sellers have the edge in international markets
“Brake” on Wall Street’s post-election rally was put on hold by Jerome Powell, with the three major indices retreating from their all-time highs. Understandable fatigue from the Trump Trade, while for his part the Federal Reserve chairman made it clear that the US central bank will not be in a hurry to cut interest rates further. A bearish open today as well, with the major indices heading for weekly losses. The S&P 500 and Nasdaq are trading above -1%.
Europe’s major bourses are in negative territory, but the European south (Spain and Portugal +0.9%) is diversifying. The pan-European Stoxx 600 is down -0.5%, with indices in Germany and France losing in the range of -0.1% to -0.3%.
Asian bourses were mixed, with stocks in Japan, Australia, South Korea and Hong Kong closing in positive territory. However, Chinese indices were in the red, with the Shenzhen Component sliding -2.6%.
