Among stock mar­ket falls, some Greek list­ings out­per­form

The Pak Banker - - BUSINESS -

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.

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