European markets were trading higher, while the General Index remained below 2,600 points on the Greek stock market.
The summit ended in failure, highlighting deep divisions among member states over energy costs and the EU’s next seven-year budget.
With oil prices and bond yields slightly lower, and S&P 500 futures pointing to an opening 0.12% higher at 7,751.21, buyers in Frankfurt, Paris and Athens have held on to their slight edge since almost the start of the session and for most of it. In any case, the differences are marginal on both a daily and weekly basis, with the DAX at 25,596 (0.84%), the CAC 40 at 7,956 (0.27%) and the General Index at 2,593 (0.42%).
Trading and turnover were modest, reflecting investors’ caution and traders’ uncertainty, with both still in positive territory for the week.
For Euronext Athens, this is another in a series of sessions since the market’s upgrade and the rebalancing of the indices, as managers with differently oriented portfolios seek to find common ground. In practice, trading is taking place within a range where one side will reduce positions while the other will gradually “build”.
Orders have so far kept the General Index within a range of 2,589-2,611 points, in a session that has been more procedural than substantive. The absence of a catalyst is clear, as is the lack of “fuel” on either side (sellers and buyers).
Trading was moderate, with 14.5 million shares changing hands by 15:00, including 10.2 million in bank stocks. Turnover stood at €126.2 million, of which €20.92 million came from pre-arranged trades. These were significantly fewer than in previous days.
Piraeus (9.648), Eurobank (4.407), PPC (22.80), Alpha Bank (4.196) and National Bank of Greece (16.075) were the top five stocks in the ranking.
The trend in bank shares was more or less expected. The return of buyers to PPC was an encouraging development, with trading volumes relatively higher.
The Banking Index stood at 2,988 points, having reached a session high of 3,031, as selling kicked in after 14:00-14:10, possibly as part of partial profit-taking.
AKTOR (9.36), OTE (19.20), GEK TERNA (39.88), Optima Bank (13.46) and Motor Oil (69.30) made up the second group of five, with clear pressure on AKTOR, Optima Bank and Motor Oil. In Optima Bank in particular, a seller has been applying persistent pressure since yesterday’s session.
Buyers were stronger in TITAN (47.98), Metlen (48.86), HelleniQ Energy (19.55), Cenergy Holdings (22.12), Allwyn (12.31) and Credia Bank (0.932).
Trading was subdued in the lower market segments, with 65 shares advancing against 45 declining.