Among stock market falls, some Greek listings outperform
Although Greece's stock market had plunged more than 18 percent by mid-session on Monday, some listings were attracting buyers at lower levels, suffering smaller losses than banks and the broader market.
Unlike the index heavyweight banks . FTATBNK, which fell to the daily volatility limit of 30 percent, shares of OTE Telecom, Aegean Airlines and refiner Motor Oil were outperforming the benchmark index with losses of between 11 to 17 percent.
"The market's dislocation can offer worthwhile buying opportunities on quality names," said analyst Nick Koskoletos at Athens-based Eurobank Equities. "We are seeing some early signs of buying on such listings." On the gainers side, there was only one listing -- Kordellou a processor of iron and sheet steel products -- which was up 4.7 percent. But only 10 shares in it had changed hands.
Jewelry retailer Folli Follie, which has a store network outside Greece, and metals group Mytilineos, an exporter of aluminum, were also trimming initial losses.
"Non-financial companies will have a better performance than banks since their prospects are brighter and are less exposed to the domestic market," said Manos Chatzidakis, an analyst at Beta Securities.
OTE has secured debt financing up to 2018, while Mytilineos has about two thirds of its revenues coming from exports and a strong cash position. Folli's generates most of its operating profit abroad. "They can continue operating seamlessly despite the capital controls," Chatzidakis said.