Athens Stock Exchange: Return to losses under the weight of dividends

The Greek stock market began Monday’s (29/7) session down, in a week that starts with the National Bank’s dividend cut, followed by crucial announcements on the results of heavyweight listed companies. The domestic market is distancing itself from the positive sentiment on foreign exchanges and correcting after four consecutive up weeks.

Specifically, the General Indexis retreating -0.32% to 1,464.57 points, hovering between 1,463.95 (daily low) and 1,466.36 points (daily high). “Dive” close to -4% is recorded by the shares of ETE as it trades without the dividend entitlement. It should be noted that Athens Avenue returns to negative territory after Friday’s upward break and after a three-day decline (July 23-25).

However, the momentum in the domestic market remains positive, in a period characterized by corporate results and important decisions on the monetary policy of central banks. The closest point of resistance for the GC is 1,480 points, while the corresponding point of support is located at 1,450 points.

Full of economic results announcements in the new week, with rich banking interest. The start is made in the afternoon by EFAE, followed on Tuesday (30/7) by Entersoft and Marfin Investment Group. Their performance for the second quarter and the first half of 2024 are announced on Wednesday (31/7) by Eurobank, Piraeus Bank and Titan.

On Thursday (1/8), National Bank and Optima Bank will take their turn, and on Friday (2/8) the barrage of announcements will conclude with Alpha Bank. According to reports, the first half earnings of the systemic banks will exceed 2 billion euros, in the best performance of the banking system since 2008.

National Bank (EUR 0.3642586663 per share), ABAX (EUR 0.03) and PPA (EUR 1.34) are “cutting” dividends today. As for ETE, the shareholders’ reward will take place on Friday, August 2. At the same time, trading of the new shares of EKTEP resulting from the split has started (reduction of the value from EUR 0.52 to EUR 0.26 and simultaneous increase of the total number from 11.25 million to 22.5 million shares).

Attica Bank remains on the investment “radar” after the exchange relationship agreed by the boards of directors of the bank and Pancretia, in the context of their merger and the creation of the fifth banking pole. The proposed exchange ratio is 0.0292156343836978 new ordinary registered shares of Attica Bank for each one ordinary registered share of Pancretia Bank.

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