With a slight increase of 0.33% in general index closed the week on Stock Exchange of Athens completing four consecutive weeks.
It should be noted that the cut of the dividend, the amount of which is close to 4 billion euros, the highest since 2008, technically removes many points from the General Price Index of the Athens Stock Exchange.
The short run of the market is expected to depend on the international climate, but also on the results of the second quarter of the domestic Banks.
Another strong profit quarter is coming for Greek banks, which from next week will start announcing results for the second quarter of 2024.
They were announced by Eurobank on Wednesday, July 31, 2024, National Bank on Thursday, August 1, 2024, and Alpha Bank on Friday, August 2, 2024.
Analysts see a high upside margin in the conservative, as they call it, three-year business plan.
Banks are on track for strong profits in the first quarter of 2024, with analysts predicting they will exceed their full-year targets.
The total profit of the four systemic banks amounted, in the first quarter of 2024, to 1.09 billion euros, compared to 788 million euros in the corresponding quarter of 2023, an increase of + 38.4%.
Ethniki presented a net profit of 358 million euros (+ 38%), Eurobank 287 million euros (+ 21.4%), Piraeus 233 million euros (+ 29.4%) and Alpha Bank 211 million euros ( + 89,91%).
H Alpha Finance
Upward trajectory for AX in the 2nd half that aims to overcome the next peak according to Alpha Finance and emphasizes that corporate profits exceeded expectations leading to upward revisions, in many cases and especially in the banking sector.
He emphasized that valuations remain attractive, with GD trading at a price-to-earnings (P/E) ratio of around 8.5x, at a significant discount to its historical average (40%) and indices. such as the Stoxx 600 (30%) and the MSCI EM (21%) ).
He estimates further increases, with returns reaching 20-25% for the whole year, which means the General Index will exceed 1,550 points. The top picks of the stock market for 2024 are: Eurobank, Piraeus, Titan, PPC, Metlen and HEXA.
The General Price Index closed the week at 1,469.25 points, compared to 1,464.39 points last week, recording a weekly increase of 0.33%, since the beginning of July it has increased by 4.63%, while since the beginning of the year it wins are recorded. 13.62%.
The FTSE / ASE 25 large-cap index closed the week with a marginal drop of 0.07% and since the beginning of 2024 increased by 14.50%. The FTSE MID mid-cap index ended the week at 0.43%, up 2.96% year-to-date.
The bank index closed the week down 2.13%, while since the beginning of 2024 it gained 21.86%.
The total value of transactions in this week’s sessions is 506.457 million euros, while the average daily value of transactions is 101.291 million euros. against 95.299 million euros.
The total capitalization of the market this week decreased by 0.226 million euros and stood at 101.433 billion euros, while since the beginning of the year it increased to 101.433 billion euros.