The Greek stock market is here

Written by Apostolos Manthos

The huge success of the public registration for Athens International Airport and its entry to the stock market last Wednesday was indeed huge. Personally, as a thirty-year-old rabid advocate and supporter of the enormous potential of the stock market to support and develop the Greek economy, I was truly… delighted. The day Athens International Airport crossed the threshold of the stock market was historic, not only because it attracted offers exceeding 8 billion euros (!) in the public offering, but also over 12 times the requested amount, or not because of entry. Such a company, with a capital of 2.76 billion euros, is considered the largest in the last 18 years, thus deepening the Greek capital market, but the move gave a convincing message to everyone that the Greek stock market exists. , ready to give the country's economy what “some” have not “allowed” him to give for years. Indeed, over time, his existence becomes more and more deafening. The fact that more than 4 billion euros have been raised through the stock market in recent months indicates at its peak its enormous potential for strategic financing of the economy. At the same time, the country's investment power is growing day by day as foreign investors continue to buy into Greece. After all, the increased presence of foreign companies in investment roadshows of the last months can be seen not only from the great interest, but also from the “crowd” of the new syndicated issue of the ten-year bond. , which closed 9 times, an offer to exceed 35 billion euros. A force that is expected to become more noticeable as the stock exchange re-enters developed markets.

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Now, going to the chart analysis of the Athens International Airport (IAA), although it is still “new” on the board, it appears on the 8-minute price chart that it produced, according to the indications we receive. Range volume profile indicator, two strong fundamentals are buyers. One from 9.20 to 9.16 euros and the second from 9.28 to 9.34 euros. We exclude the trading volume that took place at 9.40 euros early on Wednesday. So in the next meetings, the question for buyers is not to miss the range of approximately 1.10% variation between 9.34 and 9.16 euros with daily closes. As long as this zone is maintained, there will be upward driving forces in the share price above the high of 9.56 euros and the psychological threshold of 10 euros. Looking at the underlying data, AIA delivered a profit after tax of 188.7 million euros in the 9th month of 2023, bringing a total profit of 168 million euros to its shareholders for the full year 2022. 2021 profit of 158.8 million euros. Athens Airport, which connects Greece with 155 cities around the world, handled more than 28.2 million passengers in 2023, an increase of +24% over the previous year, of which 19 million came from abroad. Already, however, Athens Airport's total passenger traffic reached 1.6 million in January 2024, a 10.7% increase compared to January 2023 levels, where passengers reached 1.45 million. The company is expected to go live on the FTSE indices from February 14. That means increased demand and stock prices.

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Of course, the biggest gainer from Athens International Airport's entry was the Hellenic Stock Exchange (HEXAE), which added another €2.76 billion arrow to its quiver. Since the article was written on Thursday, AIA has already realized in two days a total volume of 12 million shares corresponding to a turnover of 112 million euros. As we have written again in previous analyses, we expect a lot of positive news from Hexa in the next two years, while we believe that AIA's entry will attract other companies to the stock market. Graphically, the stock has gained momentum towards the resistance area between 6.20 and 6.24 euros. But be careful, because above that a long-term path to 7.60 euros opens.

I will cover two other groups graphically, which will also be “wearing” a lot this year, while they will be further strengthened by the formation of tourism in the stock market. Aegean Airlines (ARAIG) and its partner “companion”, AutoHellas (OTOEL). Therefore, Aegean stock on the biweekly price chart shows a 2023 high of 13.80 euros, breaking through the resistance of 12.10 euros, while AutoHellas stock has broken upward in recent weeks “R” resistance line at 13.20 euros and will move towards the next one between 14.76 and 15 euros.

* Apostolos Manthos is responsible for technical analysis and investment strategy

* Reprinted from Kefalio Newspaper

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