The Greek stock market is moving upwards, with support from the international markets today, and is recording very good performances since the beginning of the new year.

The general index is moving with gains of 0.71% at 924.91 points, with the turnover already at 10 million euros.

The differentiation of the ATHEX vis-à-vis the turmoil of foreign markets is the talk of the town in recent days, culminating yesterday of course, when the turnover reached 100 million euros after many weeks. And this element showed that there is interest from buyers, even at levels that are close to the maximum range of multi-month accumulation.

And market performance in a period of instability abroad, only optimism can bring. What remains to be seen now is whether the ATHEX can continue the big test of 930 points, where it has been stopped many times in recent months. Otherwise, a pull back to the close support of 904 units is on the table.

In terms of securities now, PPC, Piraeus Bank, Hellenic Petroleum, Alpha Bank and Jumbo are leading the rise, while OPAP, Viohalko, OTE, Coca Cola, Eurobank, Ellactor and Mytilineos are also operating positively. On the other hand, the pressures are mainly located in Motor Oil, ELHA, Terna Energeiaki and Lambda.

The Athens Stock Exchange, which continues to perform lower this year in relation to European markets (+ 8% vs. + 20%), is being tested again after the appearance of the "Omicron" mutation, which adds an additional source of concern, given the early indications. for higher transferability than "Delta", according to Eurobank Equities estimates. The crucial question is whether or not existing vaccines are effective against the new mutation, which will take two weeks to increase market volatility.

The cost to the economy

According to the stock exchange, despite the assurances of government officials that a complete closure of the economy should be ruled out, however, according to its calculations, a complete two-week lockdown would cost the Greek economy 1-1.2 billion euros, which translates into a slowdown of 0.6% - 0.7% of GDP.

On the other hand, as it estimates, with growth at 7% - 8% in 2021 and 4.5% - 5% in 2022, the general framework seems quite supportive for Greek stocks, despite the well-known international challenges. According to Eurobank Equities, Greek stocks are trading at a 25-30% discount compared to Europe, while "seeing" any correction as an opportunity for placements and an interesting entry point into the market.

Eurobank Equities recommends placements in shares with high and sustainable dividend yields, with limited effects from cost inflation (eg OPAP), shares that offer exposure to the "green transition" (eg PPC, Mytilineos), banks, in view of "Great consolidation" of NPEs, credit expansion and even more attractive valuations (National Bank is top choice) and cyclical shares and securities that benefit from the opening of the economy (OPAP, Mytilineos, Motor Oil).

Global Stock Markets are in panic mode, as shares continue to plunge amid the coronavirus outbreak, the oil prices drop and US President Trump’s decision to close borders with Schengen countries, while the European Central Bank announcements did nothing to reassure investors.