Greek stocks ended slightly higher in the last trading session of a volatile week in the Athens Stock Exchange on Friday. Share prices were unable to hold on to their initial strong gains, with the bank index ending lower after rising as much as 3.41 pct during the day.

The general index of the market rose 0.23 pct to end at 628.33 points, off the day’s highs of 636.93 points. The index fell 4.65 pct in the week, losing 9.16 pct in October and 21.69 pct so far this year.

The Large Cap index rose 0.28 pct and the Mid Cap index rose 0.43 pct. Turnover was a low 34.556 million euros in volume of 15,341,754 shares.

Viohalco (3.17 pct), Hellenic Exchanges (1.94 pct) and OTE (1.52 pct) scored big gains among blue chip stocks, while Aegean Airlines (3.18 pct), Fourlis (2.23 pct) and OPAP (2.09 pct) suffered heavy losses.

Among market sectors, Financial Services (2.25 pct) and Raw Materials (2.0 pct) scored big gains, while Travel (2.01 pct) and Commerce (0.67 pct) suffered losses. Eurobank and National Bank were the most heavily traded securities of the day.

Broadly, decliners led advancers by 51 to 43, with another 27 issues unchanged. Fieratex (25.24 pct), Newsphone (4.27 pct) and MIG (3.90 pct) were top gainers, while Ilyda (19.30 pct), Sato (18.92 pct) and Tzirakian (10.26 pct) were top losers.

ADEX closing report

The October contract on the FTSE/ASE Large Cap index was trading at a discount of 0.15 pct in the Athens Derivatives Exchange on Friday.

Volume on the Big Cap index totaled 1,879 contracts with 6,399 open positions in the market. Volume in futures contracts on equities totaled 33,691 contracts with investment interest focusing on National Bank’s contracts (18,561), followed by Alpha Bank (3,484), Piraeus Bank (2,011), Eurobank 4,772), MIG (995), OTE (437), PPC (1,318), OPAP (380), Viohalco (142), Mytilineos (194), GEK Terna (278), Ellaktor (487), Cenergy (109).

Greek bond market closing report

The yield spread between the 10-year Greek and German benchmark bonds eased to 3.92 pct in the domestic electronic secondary bond market on Friday, from 3.98 pct on Thursday, with the Greek bond yielding 4.42 pct (4.50 pct the previous day) and the German Bund yielding 0.50 pct. Turnover was 24 million euros of which 22 million were buy orders.

In interbank markets, interest rates moved higher. The 12-month rate was -0.155 pct, the nine-month rate was -0.208 pct, the six-month rate was -0.265 pct, the three-month rate was -0.316 pct and the one-month rate was -0.371 pct.

FINANCIAL NEWS

**** Taxpayers’ arrears to the state grew by 849 million euros in August compared with July, while the number of debtors fell by 128,661 in the month, official figures showed on Friday.

A report released by the Public Revenue Independent Authority (AADE) showed that new taxpayers’ arrears to the state totaled 6.418 billion euros in the January-August period, from 5.569 billion euros a month earlier. Older arrears fell by 190 million euros to 96.394 billion euros, with the value of new and older arrears rising to 102.644 billion euros in August from 101.704 billion in July.

The number of debtors fell to 3,801,967 in August from 3,933,628 in July.

**** The balance of wage employment flows in the private sector recorded the best nine-month performance since 2001 in the January-September period this year, official figures showed on Friday.

A report by the “Ergani” IT system showed that in the January-September period the balance of wage employment flows was positive by 288,369 jobs, as new hirings totaled 2,057,917 and dismissals 1,769,548.

The balance was positive by 6,556 jobs in September, when hirings totaled 271,872 and dismissals 265,316.

**** Greece’s import price index in the industrial sector grew 10 pct in August compared with the same month last year, after a 3.8 pct increase recorded in the 2017/2016 period, Hellenic Statistical Authority said on Friday.

The statistics service, in a monthly report, attributed this development in the so-called imported inflation to a 0.4 pct rise in the import price index from Eurozone countries and a 19 pct jump in the import price index from countries outside the Eurozone (reflecting mostly a rise in international oil prices).

The index was up 0.3 pct in August from July 2018. It was unchanged in the same period last year.

**** Private building activity grew by 17.8 pct in volume in July this year, Hellenic Statistical Authority said on Friday.

The statistics service, in a monthly report, said that in July a total of 1,500 building permits were issued, up 13.6 pct compared with the corresponding month in 2017.

In the January-July period, private building activity grew 8.1 pct in permits and 14.2 pct in volume compared with 2017.

**** Greek unemployment rate fell to 19 pct of the workforce in July from 19.1 pct in June and 20.9 pct in July 2017, Hellenic Statistical Authority said in a report released on Thursday.

The statistics service, in a monthly report, said the number of unemployed people totaled 879,861 in July, down 104,449 from July 2017 (a decline of 10.4 pct) and down 13,232 or 1.5 pct compared with June 2018. The number of employed people is estimated at 3,837,271, up 45,057 or 1.2 pct compared with July 2017, but down 32,616 or 0.8 pct compared with June 2018.

The unemployment rate among women was 23.7 pct in July from 25.2 pct in July 2017, while among men it fell to 15.1 pct from 17.5 pct. The highest unemployment rate was recorded in the 15-24 age group (37.9 pct in July from 41.1 pct in July 2017), followed by the 25-34 age group (23.7 pct from 26.3 pct), the 35-44 age group (17.2 pct from 18.8 pct), the 45-54 age group (16.2 pct from 16.7 pct), the 55-64 age group (14.5 pct from 17.8 pct) and the 65-74 age group (14.7 pct from 12.8 pct).

Among the country’s regions, Epirus-Western Macedonia recorded the highest unemployment rate (23.3 pct in July from 27 pct in July 2017), followed by Attica (20 pct from 21.3 pct), Macedonia-Thrace (19.3 pct from 21.3 pct), Thessaly-Central Greece (19 pct from 20.4 pct), Peloponese-Western Greece-Ionian Islands (18.3 pct from 20.9 pct), Aegean (17.3 pct from 16.6 pct) and Crete (12.5 pct from 16.6 pct).

**** Tax revenue on property transfers grew 40.8 pct in the January-July period this year, compared with the same period in 2017, totaling 204.63 million euros, official figures showed on Thursday.

The Public Revenue Independent Authority (AADE) in a report said that tax revenue on property transfers was 145.3 million euros in the same period in 2017. In July, tax revenue on property transfers jumped 50.5 pct to 24.59 million euros, from 16.33 million last year.

AADE said that this surge in property transfer activity was linked with the introduction of new official property prices from January 1, 2019.

**** The Greek annual inflation rate rose 1.1 pct in September from 1.0 pct in September 2017 and 1.0 pct in August 2018, reflecting price increases in fuel, pharmaceuticals and telephone services, Hellenic Statistical Authority said on Wednesday.

The statistics service, in a monthly report, attributed this development to price increases of 1.4 pct in food/beverages, 0.9 pct in alcohol/tobacco, 0.5 pct in housing, 1.4 pct in healthcare, 3.8 pct in transport, 4.3 pct in communications and 1.2 pct in hotel/cafes/restaurants. On the other hand, prices fell by 1.5 pct in clothing/footwear, 1.2 pct in durable goods, 1.0 pct in entertainment, 0.8 pct in education and 0.8 pct in other goods and services.

The consumer price index rose 2.0 pct in September from August 2018, after an 1.9 pct increase recorded in the same period last year.

Greece’s harmonised inflation rate rose 1.1 pct in September from 1.0 pct in September 2017 and 0.9 pct in August 2018. The monthly rate was up 1.4 pct in September frmo August.

**** Greece’s industrial production index grew 1.4 pct in August, with manufacturing production rising 2.9 pct in the month, Hellenic Statistical Authority said on Wednesday.

The statistics service, in a monthly report, said that the industrial production index rose 1.4 pct in August compared with the same month in 2017, after a 5.5 pct increase recorded in the 2017/2016 period. It attributed this development to a 9.5 pct rise in the mining production index, a 2.9 pct increase in the manufacturing production index (oil products/coal up 16.7 pct, pharmaceuticals up 21.7 pct, computers/electronics/optical products up 49.4 pct and vehicles (49.6 pct). The electricity production index fell 3.3 pct in August and the water production index fell 4.1 pct in the month.

The average industrial production index in the January-August period rose 0.8 pct compared with the same period last year, while the seasonally-adjusted index rose 1.7 pct in August from July 2018.

**** Greece will succeed in meeting the primary surplus targets agreed with its European partners up until 2023, the International Monetary Fund said in its Fiscal Monitor report released on Wednesday.

The report, released in Bali Indonesia where the IMF is holding its autumn meeting, revised upwards the Fund’s estimates over Greece’s fiscal course. The report, presented by Vitor Gaspar, head of Fiscal Department, revised upwards the IMF’s previous estimate for the country’s primary surplus in 2017 (3.7 pct) to 4.2 pct and revised upwards its estimates for the primary surpluses in the coming years – in line with European estimates – as follows:

• 2018: 3,5%
• 2019: 3,5%

2020: 3,5%

• 2021: 3,5%
• 2022: 3,5%
• 2023: 3%

The revision for 2023 is considered a significant step as the Fund – six months ago – estimated that the country’s primary surplus will be 1.5 pct in that year.

Source: ANA-MPA