Today, the Athens Stock Exchange interrupted its six-day bullish streak, reflecting the negative mood in global markets. Selling pressure peaked between 12:00 and 15:00, but later eased, keeping the General Index above the key psychological level of 1,850 points.
During the session on Thursday (12/6), the General Index dropped by 12.26 points, or -0.66%, closing at 1,854.98 points. It reached a low of 1,845.89 points and a high of 1,860.02 points. The index has improved by +1.3% in June and is up +26.22% for the year, sitting just 1.29% below its yearly high of 1,879.23 points.
The banking sector experienced the most significant losses, with Piraeus, ETE, and Eurobank all declining by over -1%. Other companies, including OPAP, Cenergy, and OTE, also saw notable declines. Conversely, PPC ended the day positively, nearing EUR 14 and setting sights on a year-high of EUR 14.4, last seen in November 2009. Its expansion into the telecommunications sector is seen as a key driver for growth. Additionally, PPA experienced a notable rise, marking a 17-year record despite rumors of a public offer being denied.
Reversing the Medium-Term Upswing Will Require Significant Change
According to analyst Petros Steriotis, a favorable development for the General Index is its consolidation around recent 15-year highs, with any potential overheating currently being managed through a period of sideways trading. There are no concerning signs of a “distribution” of securities, as trading appears to be more about portfolio reassessment in a “watch and act” manner, particularly given the summer season’s character.
“This ongoing ‘lull’ provides opportunities for underperforming stocks to enhance their market valuations, especially when backed by solid fundamentals. The positive quarterly results from January to March bolster our confidence that this trend will persist,” the certified portfolio manager noted in his weekly commentary on the HA. He also emphasizes:
“The previous 7-month uptrend has established strong support levels, where buying interest is likely to emerge should there be a modest dip in sentiment. The risk for ‘bears’ appears limited, and something substantial will be needed to disrupt the medium-term positive trajectory.”
At GEK TERNA’s recent general meeting, shareholders approved all agenda items, including a dividend distribution of EUR 0.4 per share for the 2024 financial year, with the right to dividends cut off on June 25 and payments starting on July 2. Additionally, Sarantis shareholders authorized the cancellation of 3.15 million treasury shares (4.7% of capital), leading to a new share capital of 63.7 million shares. In other corporate news, Eurobank successfully completed the squeeze-out of the remaining 2% of Hellenic Bank, achieving full ownership at a price of EUR 4.843 per share.
Mermeren Kombinat traded without the right to receive the net dividend of EUR 1.8 per share. Ideal Holdings continues its share capital increase process, set to finalize tomorrow (13/6) at 15:00. The group aims to raise up to EUR 48.8 million by issuing up to 8 million new shares, with a price range of EUR 5.8 to EUR 6.1 per share.
International Market Dynamics Favor Sellers
Despite better-than-expected U.S. inflation data and a U.S.-China trade framework agreement, investor concerns about the specifics of the deal diminished positive sentiment. This concern was exacerbated by Trump’s unilateral tariff rate announcements. As a result, Wall Street remains on a downward trend, with the Dow Jones dipping -0.2%. However, recent data on wholesale inflation and jobless claims have received positive analysis, showcasing the resilience of the U.S. economy.
Most European stock markets have posted losses as renewed trade tensions have dampened sentiment. The pan-European Stoxx 600 index is down -0.2%, trading at 550 points. Germany’s DAX has slid -0.6%, Italy’s FTSE MIB is down -0.4%, and France’s CAC 40 has retreated -0.1%. Asian markets showed mixed results, with Chinese indices experiencing slight fluctuations. Japan’s Nikkei fell -0.7%, while South Korea’s Kospi rose +0.5%.
