The stock market was afraid of 1,500 points

By Manos Hachladakis

At the end of the week there was a serious volatility on Athens Avenue, which initially showed a willingness to go up and found itself above 1,500 units for the first time since distant 2011, but somewhere it “vertigo” and finally suffered. With Elvalhalcor and Alpha, NGE closed to keep losses to a minimum.

Specifically, in the first half of trading DG moved upwards to 1,505.35 units (0.91%), but very quickly lost momentum and finally “collapsed” to 1,490.46 units with a lower fall of -0.08%.

The turnover reached a high volume of 129.6 million euros, of which 4.9 million were through 9 packages (2.7 million in 3 Eurobank) and the volume of transactions was 33.82 million pieces.

The banking index tried to lift the market by reaching 1,346.45 points (+2.7%), but ended at 1,323.37 points with a remarkable performance of +0.94%.

The FTSE rose +0.06% to end at 3,621.54 points, while the FTSEM Mid-Cap added 0.34% to 2,400.38 points.

In a move Athens Avenue is not used to doing, buyers have been activated, especially with an extra boost from the Eurobank, passing the psychological milestone of 1,500 units instead of “opening up the appetite” of buyers. Locking in profits, sellers flock to blue chips.

Anyway, with Wednesday’s 1.5% upside breakout, the market finally closed the week on a positive note, albeit with small gains, and with a cycle of bonds with losses, it maintained its touch with 1,500 units intact.

For the week, DG posted marginal gains of 0.43%, while the banking index rose 2.5%. FTSE +0.63% and FTSEM +0.33% over the same period.

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On the dashboard

Elvalhalcore stood out early today, moving steadily higher at 2.08 euros, +3.2% and ending with a turnover of 1 million euros.

From there, volatility was more intense among the banks that occupied the top 4 spots in turnover and generally dominated transactions, making up more than half of today’s total, 70.3 million out of 129.6 million.

Also stable was Alfa (16.5 million) +2.6% at 1.71 euros followed by National (21.2 million), which immediately recovered from yesterday’s sell-off by 1.3% to 8.45 euros.

Eurobank (20.4 million) settled at 2.108 euros with a 4.48% range (low 2.08 euros -0.86% and high 2.17 euros +3.6%) with a small gain of 0.38%, while Piraeus (119 million) lagged behind. Today -0.36% to 3.85 euros.

Buyers were still PPC (3.4 million) with +1.6% at 11.84 euros, while Elvalhalcor helped its parent company Biohalco (942 thousand) by +1 6.2 euros.

The other and “champion” of the group Cenergy (1.1 million) remains unchanged from intra-conference to 8.73 euros today at 8.49 euros (-2, 75%) with cumulative gains of more than 20% after a strong last two months. .

From there, many blue chips sellers focused mainly on Lambda (1 million) at 6.72 euros -2.6% and GEK TERNA (1.3 million) -2.15% at 16.4 euros which moved right. ELPE (1.8 million) -1.8% with 8.5 euros, Sarantis (923 thousand) -1.6% with 11.2 euros and OPAP (6.4 million .) -1.54% with 15.3 euros.

Jumbo (3.3 million) and Quest (169 thousand) with 1.4% losses, TERNA Energy (2.4 million) saw a 1.3% decline and Titanas (1.4 million) ended at -0.98%.

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In mid-caps, Intracom rallied 3.9% to 3.74 euros with a turnover of 876 thousand euros, Intralot 1.9% with 1.3 million, Forlis 0.9% and Laviform 0.8%. On the other hand, IntraCot struggled again today with a fall of 0.57%, while EXAE ended at -1.1%.

2.1 million higher revenue low airlines l. Venizelos was just +0.07%, while Optima was up 0.68% at 1.4 million.

Signs were mixed across the board as 61 stocks advanced against 62.

Technical picture

According to Manos Hadjitakis of Beta Securities, technically the general index has exceeded the target of the rise that started on April 16, it is now floating in overvalued price zones, but it has momentum and the relaxation of the wave is not over at this time. .

Buyers between 1,357 and 1,505 units seemed to be in full control of the situation, with corrective movements intercepted over the two-session horizon or very shallow and with a small intra-session range.

Mr. As Hadjitakis points out, the general index recorded a local high of 1,561 units in April 2011, 157 months ago, to find the next resistance. This level has low predictive value from a technical point of view, as it represents a very diverse mix of market shares.

A decline in trade turnover can be a safe indicator of impending weakness and a corresponding corrective move abroad. However, the lively and appetizing movement that unfolds in a month when investors’ reservations are usually at their peak should be examined in its entirety, but given the earlier rise since the beginning of the year, Mr. Hatzidakis.

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Film internationally

All indices in the US hit new intra-session highs yesterday, with the Dow Jones surpassing 40,000 points for the first time in its history, but they finally lost momentum and are trying again today.

The Dow Jones +0.1%, the S&P 0.11% and the Nasdaq +0.15%.

Europe is tense today, with indices moving slightly lower, with the German DAX -0.15%, the French CAC 40 -0.27%, the British FTSE 100 -0.16% and the pan-European Stoxx 50 up -0.26%.

The bond market remains unchanged, but yields have fallen in recent days, with the 10-year US today at 4.404% and the 2-year at 4.799%, while the Greek 10-year is at 3.5%.

Finally, the oil market shows stable trends, with Brent at $83.2 per barrel and WTI at $79.2.

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