Tech giants' stocks are correcting, while bank and industrial group stocks are rising.
The Nasdaq closed at 26,166 (-1.33%), and the DJIA at 51,712 (0.29%). Third consecutive session of heavy losses for SpaceX; heavy selling in tech stocks in Asia; the KOSPI in Seoul plunged 6%.
Oil prices and U.S. Treasury yields are lower, but the VIX/CBOE is up 2.98% at 17.28 points, with S&P 500 futures trading at a marginal discount from slightly lower levels.
Investors are in the process of reassessing recent moves and searching for new points of equilibrium. Having already priced in developments in the Middle East and posted significant gains, attention is now shifting more toward economic data.
Interest rates and the cost of capital are among these factors, which are crucial for AI giants and technology conglomerates.
Investors are returning to European markets—following Friday’s “plunge”—with the General Index on the Greek Stock Exchange hitting a 17-year high, as it returns to the levels seen on November 18, 2009, driven by the banking sector and specific blue-chip bellwethers.
At prices as of November 19, 2015, the DTR stood at 2,885.82 points, with inflows into all four stocks of the systemic “big four” and trading volume of 13.28 million shares in National Bank (15.70), Eurobank (4.33), Alpha Bank (4.152), and Piraeus Bank (9.47), as well as Cyprus Bank (9.18), Credia Bank (1.23), and Optima Bank (10.64), with sellers dominating in Cyprus Bank and Credia Bank. The EuroStoxx Banks index stood at 298.17 (1.00%), with the long-term trend—on a daily basis—being duly capitalized on by intraday traders in Athens. This trend could continue if it holds on a weekly basis.
However, significant support came from the broader energy and industrial sectors, with the Viohalco Group surprising the market by proceeding with a placement of 2.82% of Cenergy Holdings’ share capital at 24.2 euros, according to Anastasia Papaioannou—while it is in the process of a capital increase for the group’s other company, ElvalHalcor. PPC traded at 23.12 (0.87%) with steady inflows, and Metlen Energy & Metals at 42.08 (1.11%).
Meanwhile, buying interest is seen in “refining” and “construction” sectors, specifically in Motor Oil (38.80), HelleniQ Energy (10.98), GEK TERNA (46.50), AKTOR (12.46), as well as TITAN (53.75), AEGEAN (12.72), and AIA (10.70).
With long positions dominating large-cap stocks, their counterparts are capitalizing on the market sentiment by expanding their activity to several mid- and small-cap stocks.
IDEAL Holdings shares are trading at 6.76 (2.58%), leading the FTSEMidCap index, with Alexandra Gitsis referring to the new deal that Lambros Papakonstantinou has been working on since September, while subscriptions for the listing of “Attica Department Stores” will open tomorrow.
Fourlis (4.96), Alumil (5.71), Thrace Plastics (4.78), Real Consulting (6.86), and ELASTRON (2.80) stand out in these categories.