The Greek stock market continued to be “trapped” in a selling mood for the fourth consecutive day, with shares retreating significantly from the 1,420-point level and losing the support of 1,415 points. The share placements and capital increases by listed companies seem to be weighing on the market, at least in the short term.

In Thursday’s (October 10) session, the General Index fell by 7.66 points or 0.54%, closing at 1,411.61 points, just above the daily low of 1,411.56 points. The daily high was recorded at 1,422.30 points. This marks the lowest close in nearly a month, since September 12 (1,406.91 points).

This was also the fourth consecutive decline for the General Index, which has now lost a cumulative 1.27%. In addition, it registered its ninth negative session out of the last ten, resulting in a total loss of 4.05%. So far in October, the market has had only one positive session, with a total loss of 2.77% for the month.

Key Stocks Under Pressure

The rotation of stocks driving the market’s decline continued today. Cenergy Holdings took the spotlight due to its €200 million capital increase, which was completed roughly an hour and a half before the close. The stock dropped 3%, landing near the lower end of its price range (€9 to €9.86).

Other stocks under pressure included OTE, Lamda Development, PPC, Jumbo, Metlen, and Intralot, the latter nearing new yearly lows. Banks saw a milder decline, while the National Bank of Greece remained in the spotlight due to high trading volumes. A large transaction worth €7.45 million was recorded in the bank’s shares.

Athens Out of Sync with Global Markets

While the Athens Stock Exchange struggled, global markets were more positive, with investors in a “risk-on” mood, driven by China’s economic stimulus measures and new records on Wall Street. A further positive boost came from the minutes of the US Federal Reserve, which hinted at strong upcoming interest rate cuts.

In Cenergy Holdings’ capital increase, strong demand set €9 as the minimum price for shares. The final price will be determined through institutional offerings, and management expressed satisfaction with the outcome. Next in line is Attica Bank, with its €735 million capital increase set to start on Friday, assuming there are no delays in the approval process.

Metlen and Bank of Cyprus Developments

Metlen completed its five-year green bond issuance, raising €750 million, well above its original target of €500 million. Strong investor interest led to offers exceeding €2.4 billion, allowing the final interest rate to be reduced to 4%, down from the initial guidance of 4.5%. Metlen’s bond will be listed on the London Stock Exchange, and its stock market debut is expected in Q1 2025.

Meanwhile, Bank of Cyprus remains a focus as CarVal has sold a 3% stake in the bank to institutional investors for €4.2 per share, reducing its total stake to about 6%.

Terna Energy Acquisition Moves Forward

The acquisition of Terna Energy by Masdar is set to be finalized after receiving approval from the EU Competition Commission. Additionally, the Latsco Family Office’s entry into the subsidiary controlling Attiki Odos is seen as beneficial for GEK Terna.

Slight Changes in International Markets

Wall Street has returned to its record-breaking streak after a weak start to October. The S&P 500 reached a new high, closing in on 5,800 points, while the Dow Jones jumped more than 400 points to set a fresh record. Today’s session started more cautiously, affected by US inflation data for September.

In Europe, markets showed mixed results with modest changes in major indices. The Stoxx 600 was down 0.2%, France’s CAC 40 fell 0.3%, Germany’s DAX was down 0.2%, and Spain’s IBEX 35 dropped 0.75%. On the other hand, Italy’s FTSE MIB rose by 0.3%, and the UK’s FTSE 100 posted a small gain of 0.04%.

Asian markets saw gains, led by Chinese stocks. After strong profit-taking on Wednesday, indices returned to a robust uptrend, with gains of over 2%. Hong Kong followed closely behind, with a 3% rise.