The Greek stock market seems to be in “form”, which sees only positive signs in July. As a result, it once again extended its 15-year high, with the General Index hitting the “top” of 1,900 points for the first time since April 2010.
Specifically, in Thursday’s (3/7) session, the GC gained 21.27 points or +1.12% to close at 1,915.24 points, very close to the daily high of 1,915.31 points. The low for the day was found at 1,892.29 points. This is the highest close since 21 April 2010 (1,936.43 points). In the last three days, the domestic market has gained a cumulative +2.53% and this year it is “running” at a pace of +30.32%. At the same time, banks are “taking off” about +56% through 2025, with the sector index reaching 2,000 points for the first time in 10 years (November 2015).
Among bank stocks, Eurobank stood out, which was above EUR 3 (10-year record – November 2015), with its market capitalisation now exceeding EUR 11 billion. Piraeus also saw a notable rise, returning above 6 euros. In blue chips, the rotation in the leading stocks brought Coca-Cola HBC to the fore, which gained around +3%. OTE, on the other hand, came under strong pressure due to the dividend cut of €0.7415 per share (net amount: €0.704425 per share).
Next target 2,000 points;
The target is 2,200,000 euros.
“A historical record was broken by the HA General Index with a streak of 8 consecutive upward months, which has been running since November last year and covered the entire first half of this year. Now, and given that investors are getting used to the upward trend, new catalysts or at least a reheating of the old ones are being sought so that the 15-year highs can be maintained and – why not? – extended towards the 2,000-point milestone,” says Petros Steriotis in his weekly commentary.
“This market has shown that it is capable of the best possible, so nothing is out of the question. Of course, and since we are invoking the past, especially at these multi-year highs, special attention needs to be paid to the ‘mischief makers’, domestic and imported, which are lurking and could suddenly stir up trends of significant profit-taking.
The planet is full of geopolitical and macroeconomic “landmines”, i.e., open fronts that could at any time aggravate the stock market environment. Everyone is aware of the risks, even though the major indices are turning a blind eye by dragging other DAs, such as Athens, upwards. Athens Avenue, of course, offers a remarkable range of fundamentally sound listings, many of which are true turnaround stories,” the technical analyst notes and concludes:
“After the conclusion of the general meetings and the distribution of record total dividends, Athens Avenue enters the traditionally subdued summer period, anticipating new business developments, analyzing the prospects of the possible EXAE-Euronext deal, and discounting the path to an upgrade.”
New record on Wall Street – Euromarkets up
The S&P 500 and Nasdaq remain on track for historic highs on Wall Street, with investors warmly welcoming new US jobs report data released today that showed stronger-than-expected job growth and a simultaneous decline in unemployment. The Nasdaq is up +0.9% and the S&P 500 and Dow Jones are up +0.7%, with the latter being about -1% off its record.
Buyers have the upper hand on European bourses amid optimism about the US reaching new agreements with trading partners. The pan-European Stoxx 600 index is up +0.4% at 543 points, and Germany’s DAX is higher by +0.5%. Low speeds in Asian markets today as well, where stocks in Japan closed slightly lower, while Chinese indices moved higher. Stocks in Vietnam “climbed” to a three-year high after the trade deal with the US.
- Athens Stock Exchange: The “stronghold” of 1,900 points fell after 15 years – Gains of more than 30% this year appeared first on ProtoThema English.