European markets are in the red; the Greek stock market is pulling back from 17-year highs.
The discount on S&P 500 futures has widened significantly—following yesterday’s sharp decline in tech stocks—with no sign of a trend reversal as of earlier today.
The DAX stood at 24,815 (-1.28%), the CAC 40 at 8,328 (-0.88%), and the EuroStoxx Banks index fell 0.68% to 296.16 points, marking the start and early trading on Euronext Athens.
Traders’ intentions were evident during the pre-market session, with the first orders placed primarily in the banking sector at lower prices.
The index opened at 2,853 points with a downward gap and traded as low as 2,836 points, with 2.4 million shares traded in National Bank, Eurobank, Alpha Bank, and Piraeus Bank, for a total of 3.2 million shares.
Order flow was moderate at the 45-minute mark, with sellers dominating in the majority of FTSE25 stocks, partly due to some “locking in” of positions (on a weekly/monthly basis). There was some profit-taking on specific blue-chip stocks, a tactic that is, to a greater or lesser extent, one of the main characteristics of this market phase.
National Bank shares are at 15.47 (-1.48%), Eurobank at 4.27 (-1.27%), Alpha Bank at 4.064 (-2.02%), Piraeus Bank shares at 9.304 (-1.75%), while trading is taking place at 9.845 euros for Cyprus Bank, 1.216 for Credia Bank, and 10.44 for Optima Bank.
Orders for bank stocks ranged from 2,853 to 2,836 units, while orders for FTSE25 stocks ranged from 6,318 to 6,287.
Trading volume was comparatively higher in shares of Cenergy Holdings—at 24.60–25.24 euros, Allwyn—at 13.45–13.67 euros, ADMIE—at 4.57–4.50 euros—and ElvalHalcor—at 5.85–5.59 euros, with sellers also holding the upper hand in Motor Oil (38.54), HelleniQ Energy (10.85), TITAN (52.85), Jumbo (22.48), etc.
Exceptions include the shares of Metlen Energy & Metals (42.14), AKTOR (12.48), and Coca-Cola HBC (53.80).
A similar balance of power is seen among mid-caps, with the FTSEMidCap index at around 3,178 (-0.37%). Exceptions for this index as well include the shares of IDEAL Holdings (6.77), PPA (39.65), Bally’s/Intralot (1.198), and KRI KRI (28.90).
The ratio of stocks with positive to negative performance stood at 27 to 80. Turnover totaled 11.72 million euros through pre-arranged orders.