European markets opened with significant losses, with sellers clearly dominating the Greek stock market.
Investors in Frankfurt and Paris are under pressure as the (futures) price of Brent reached $97.24 and WTI $94.23.
The picture remains mixed in the New York futures market, with Nasdaq futures trading at a discount and S&P 500 futures at a premium.
Earlier on the Seoul Stock Exchange, there was a mini-sell-off in shares of Samsung, SK Hynix, and SoftBank.
With the DAX30 at 24,509 (-1.05%), the CAC40 at 8,145 (-0.95%) and the EuroStoxx Banks at 267.62 (-0.68%), the session in Athens began with selling in bank stocks and blue chips.
From the pre-market session, traders’ intentions were clear, with sell orders at lower prices, resulting in the “opening” for the DTR at 2,610 points—with a wide downward gap—and for the FTSE25 at 5,894 points.
Turnover reached €16 million in the first 15 minutes, but included two significant pre-arranged orders for ADMIE shares totaling €6.72 million. George Fintikakis mentioned the base scenario for the share offering price—in view of the capital increase—early on.
Orders for the Operator’s shares were at €4.015–3.985, ranking first in the relevant list with Piraeus Bank (8,564), Eurobank (3,867), and Alpha Bank (3,883) following, with sellers holding a slight/significant advantage.
Initially dominated by sellers, after 10:45 a.m. buyers took over in PPC and Optima Bank—the only top two in the index—with a shift in trend after any supply was absorbed from 21.34 and 10 euros, respectively. The bank’s management is planning a bond issue, with all that this may imply—in my humble opinion—in the short term.
Sellers are in the lead in Metlen Energy & Metals (40.38), Allwyn (13.325), Credia Bank (1.216), and GEK TERNA (42.66).
A consolidation of supply, from 39.62 for Motor Oil shares and 10.15 euros for HelleniQ Energy shares, shortly after 10:50 a.m., in sync with the “turnaround” of the EuroStoxx Oil & Gas index. A move that short-term traders had anticipated, following the spectacular rise—once again—in international oil prices.
Hedging via the sector currently benefiting from the latest developments in the Middle East, and via Coca-Cola HBC at 49.86 euros.
The stock ratio stands at 14/81, with a positive/negative sign. Indicative of the market sentiment in the half-hourly chart.