A loss of 1.1% under US-denominated bank sales

By Manos Hachladakis

Athens Avenue's good image at the start of the week was badly tarnished as banks today lost substantial support as they succumbed to an international sell-off prompted by US giants in the sector. Overall, it fell again in the region of 1,400 units.

In particular, the general index initially tried to go up to 1,423.8 points (+0.52%) but due to the onslaught of sellers it finally ended with a strong fall of 1.12% at 1,400.61 points.

The turnover was 130 million euros, but the volume of transactions was 27 million pieces through 25 packages (8.1 million in Mytileneos, 3.7 million in Jumbo, 6.4 million in 5 NGE, 3.3 million in 5 Piraeus). .

As mentioned above, the banking index came under the biggest pressure to close at 1,202.29 points -2.09%, the FTSE Large Cap lost 1.07% at 3,395.74 points, while the FTSEM Midcap ended at -2.26% at 2,261.59 units.

On a weekly basis, DG, which opened morning trade on Monday at +2.4%, finally ended the five days at +1.24%, while the bank ended its gains of over 5% to finally close at +3.23%.

With low turnover and a limited rise to 1,423.8 points (+0.52%), in a session that seemed practical until the middle, when the “curtain” opened on corporate results in the first quarter of the United States, the picture changed drastically with the quantities. Banking giants JP Morgan, Citibank and Wells Fargo.

The results were not negative, not quite the opposite, but investors seemed to focus on the downward trends that their net interest income showed or seemed to show, initially leading to heavy losses on the bonds of the companies in question. spread throughout the banking sector worldwide.

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For their part, the 4 legitimate Greek banks did not differ much from the general trends of the industry in the EU (2.4% losses just before the STOXX banks closed) but the market showed that it does not have the depth to manage it. He saw vibrations spread across the dashboard.

Image on the dashboard

National Bank limited its losses to 1% to close at 7,374 euros and 11.7 million turnover, while Piraeus fell 3% to 3.8 euros on 17.3 million worth of transactions, Eurobank fell 1.82% with 9.9 million and Alpha 6.5 million to 1.595 euros -2.39%.

However, a special mention should be made of the small Optima Bank, which not only survived the liquidation, but continued with a new profit of 9.79 euros (+0.6%) and a consistently high turnover reaching 1 million.

The picture at the DG level would have been worse without +1.7% index-weighted Coca-Cola (316 thousand euros turnover), while some more support was given by Jumbo at +0.53% to 26.42 euros (6.7 million .) OPAP. 16.3 euros +0.23% (2.3 million) with Sarantis +0.9% 11.2 euros (1.1 million) and EYDAP +1.25 %.

However, PPC fell 3.2% to 11.63 euros (6.99 million), Quest fell 4%, Biohalco ended -3.2% and Elactor -3.5%.

Among the remaining vendor picks based on turnover, OTE -0.62% (5.6 million), TERNA Energy -0.6% (5.3 million) and GEK TERNA -0.6% (2 million) Motor Oil ended at -1.7%. (1.9 million) on ELPE -1.8% (1.4 million).

At the peak of the turnover was Mytileneos with 19 million (with 8.1 sets as mentioned above), who initially saw purchases up to 36.6 euros (+2.75%), but dragged to the rough weather and finished at 35, 56 euros with -0.17. %

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In the middle capital, the only title that saved was Kri Kri +0.89% to 11.3 euros (171 thousand euros), while Intrakat -2.46% (1.35 million euros) with 5.15 euros and Intralot with 1,084 euros. 3.2% decline (1.22 million)

In the lower tiers, the turnover of 800 thousand euros made by Euro Advisors was noticeable, but ended at 1.23 (-2.77%), erasing the 6.3% profit.

The picture was characterized by a dominance of sellers across the group, with 102 stocks closed compared to 25 positive stocks.

Technical picture

As noted by Beta Securities' Manos Hatzidakis, technically the general index regained what it lost last week in a dynamic rebound that restored chart confidence. In fact, the intensity of this rise brought the MACD to a somewhat bullish mood for the first time since February 23, while keeping close contact with the 1,400 units zone on Friday.

Oscillators remain in neutral zones on the daily chart, equidistant from local overshoot areas. Although volatility has increased since early April, the presence of buying interest at key trend points has not let the market lose its touch with this year's highs. Nevertheless, the formation of accumulation is not resolved, the zone of 1,380 – 1,420 units has kept the common index in volatility since the beginning of February, and indicates that this is the prevailing scenario for the next week.

International film

Indexes in the US returned to positive territory yesterday, but sentiment was again bearish today after the banks' results.

The Dow Jones opened at -0.84, the S&P 500 at -0.85% and the Nasdaq at -1%.

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In Europe, indices are now in negative territory, with the German DAX -0.07%, the French CAC 40 -0.1% and the pan-European Stoxx 50 +0.16%, while only the British FTSE 100 maintained its early level. Speed ​​+1.2%.

The pressure on bond markets saw the 10-year US yield 4.497% and the 2-year 4.892%, while the Greek 10-year saw its yield fall to 3.263%.

In oil, Brent remained steady above $90 a barrel, +2.2% higher at $91.9, and American WTI +2.6% at $87.3.

Finally, bitcoin continues to rally around the $70,000 area.

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