Investors in European markets are adopting a wait-and-see approach, with cautious trading during the first half-hour of the session in Frankfurt and Paris.
Attention is understandably focused once again on developments in the Middle East and the New York futures market. S&P 500 futures are up 0.32% at 7,434 points, while prices are falling further—notably to $89.85 for WTI and a new drop to 18.17 points for the VIX/CBOE.
Initially mixed trends from 10:15 a.m. to 10:30 a.m., with a slight advantage for buyers, as the EuroStoxx Banks index gradually rose by up to 0.95% to 270.39 points; the Greek stock market opened with the banking sector leading the way.
Between 10:25 a.m. and 10:29 a.m., the market sentiment became apparent, as orders were placed at slightly higher prices. This was seen in the shares of the four systemic banks and specific blue-chip stocks, with PPC playing a leading role today.
The increased trading volume in yesterday’s session foreshadowed more active participation by so-called “hot money,” considering that the DTR’s trading range reached nearly 100 points, with corresponding volatility (intraday low-high) for the "core" of systemic stocks.
Buy orders at higher prices and in key stocks such as GEK TERNA, Metlen Energy & Metals, HelleniQ Energy, Allwyn, etc., resulted in the market opening—with a small upward gap—at 2,696 points for the DTR, 6,004 points for the FTSE25, and consequently 2,367 points for the GD.
Order flow was satisfactory right from the start—it remains to be seen whether the assessment regarding the presence of intraday traders will be confirmed, and to what extent their activity will continue.
Eurobank shares are at 4.017 (1.27%), PPC shares at 21.60 (0.74%), Piraeus Bank at 8.83 (0.43%), National Bank of Greece at 14.70 (0.34%), and Alpha Bank at 3.806 (0.67%). The top five stocks "indicate" investors’ priorities, with the second group—featuring Jumbo (22.58), Motor Oil (39.48), Metlen (40.54), and ADMIE (4.035)—pointing to what’s to come.
Almost immediately upon the market opening, the first pre-arranged orders were placed in GEK TERNA and Piraeus Bank, totaling 1.4 million euros.