February 22, 2024

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It has made 6 x 6 with a new 7 year high in the banks

It has made 6 x 6 with a new 7 year high in the banks

By Manos Hechladakis

The Athens stock market continued its bravery, unaffected by the increase in US inflation, and completed its sixth bullish session, with the general index surpassing its highest levels in 2023, and the banking index recording new highs in more than 7 years.

In particular, the number of general managers during the session reached 1,354.04 units (+0.71%), leaving behind the 2023 high of 1,351.68 units. While it slowed down along the way and ended at 1347.9 points. With an increase of 0.25%.

The trading value continued to rise, reaching 121.7 million euros, of which 16.12 million euros were in 29 pre-agreed deals (6 packages in the National Bank of Greece with a total value of 3.78 million and 5 in Piraeus with a value of 3.41 million euros) along with the volume of deals. Formed into 30.7 million pieces.

The banking index outperformed for another day with gains amounting to 1.45% to 1,142.79 points, while it reached the highest level for the day at 1,146.54 points. (+1.78%) exceeds 1,146.11 units. for 2017 (7/14) with the next peak at 1,157.2 units. On May 2016 (5/18) about 7.5 years ago.

The FTSE broad cap index rose 0.38% to 3,268.84, while the FTSE midcap value versus sentiment today fell 1.35% to 2,256.08.

In any case, the Greek market continued its relentless upward trajectory, now witnessing 8 positive meetings out of 9 during 2024, while the decline appeared when the unexpected acceleration of inflation in the US was announced (15:30 Greek time) with the manager stepping back. General. As many as 1,347 units (+0.19%) had no additional impact thanks to the banks' strong image.

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At the same time, another day differed favorably from the international charts, where after US consumer price data, indices in Europe entered negative territory or limited their gains to a minimum, while Wall Street also opened lower with bond yields. Of links that will be strengthened again.

On the Athens Street Board, as mentioned above, banking securities dominated, occupying the top four positions of trading volume (with two-thirds of transaction volume, at 20.2 million versus 30.6 million in total).

Ethniki, the “usual suspect,” jumped 2.57% with transactions worth a total of 22.7 million, and Piraeus rose 1.45% with 14.5 million, followed by Eurobank +0.88% and 12.3 million, and Alpha +0.47% with 9. Millions.

At the heart of the buying movements were GEK TERNA +1.57% and a turnover of 4.2 million, while Lambda strengthened by 1.2% and Quest by 1.07%, OPAP rose by 0.63% with a turnover of 6.9 million and Motor Oil and PPC closed with a small loss. 0.16% gain

Despite the positive start today, Stasinopoulos Group shares that rose in early 2024 corrected for a second day, with ELVALHALCOR down -1.45% and Biohalco down -2.8%, while Ellactor lost 2.05%, and Jumbo closed at -1.59% on trading volume of 4.7. 1 million and OTE -1.36% with 3 million.

In the average capitalization, Intrakat recorded losses of 2.76% with transactions of 3 million, AVAX lost 2.2% with transactions of 1 million, Intralot was at -1.1% and HEXAE was at -2.15%, while PPA was positively diversified with +1.6% and Premia with +2.2. %.

Tension again in international councils after inflation in the United States

Investors showed they were expecting a better US CPI report, as buyers had a clear lead in the morning in both Europe and the US with correlations reversing when the data was released.

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Specifically, US inflation accelerated to 3.4% year-on-year from 3.1% (3.2%) in November, better than expected, while underlying price pressures continued to ease to 3.9% (from 4%) but also lower. Of market expectations (3.8%). ).

In this climate, Wall Street futures initially moved into negative territory, followed by the indices at the start of trading despite limited losses, at -0.2% for the Dow Jones, at -0.17% for the S&P 500 and at -0.14% for the Nasdaq. .

Likewise, in Europe, the German DAX erased gains of over 0.8% and is now down 0.2%, the UK FTSE 100 lost 0.5%, the CAC held the mark by a margin of +0.05%, and the European Stoxx 50 was at -0.05. %.

After a slight decline in the morning, the US 10-year bond yield is back above 4% (4.044%) and the US 10-year bond yield is moving at 4.343%, while the Greek 10-year bond yield is slightly lower at 3.270%. .

In oil, contracts are moving higher on the back of renewed tension in the Strait of Hormuz, with Brent at $78.4 a barrel and WTI at $73, both with gains of more than 2.1%.

Finally, Bitcoin rose 7% to the $49,000 area after the Securities and Exchange Commission (SEC) approved the first exchange-traded fund (ETF) based on the popular cryptocurrency.