The banking index on the Athens Stock Exchange has recovered some of the lost ground following the denial of the rumor about the imposition of extraordinary taxation. More specifically, the sector has recorded the highest daily profits of the last 12 months (+4.6%).
It also put an end to the liquidations of the last few weeks, which had led to the lowest levels since the end of January (1,149 points).
However, it is clear that the valuations of banks remain particularly attractive, with shares trading below the historical average, but also below similar shares abroad.
Therefore, a further upward movement would not be surprising.
However, the banking index needs to “run” an additional 11% in order to reach its July highs, when it exceeded 1,350 points, reaching the highest price in the last nine years.
The distance from the “peaks”
Eurobank’s share, which is only 6% away from the year’s high of 2.26 euros, is enjoying a market value of over 7.7 billion euros.
National Bank, however, still has a distance of 19 percentage points from the “peaks” of 8.6 euros, which were recorded in May. After all, even today, NBG’s share is not only below the price of the last placement (7.55 euros), but also below 7 euros, with the valuation having fallen to 6.3 billion euros.
Piraeus’ share is also expected to record a double-digit rally (14%) from now on, as otherwise it will continue to be far from the year’s high of 4.2 euros, achieved shortly before the March placement.
As for Alpha Bank, which is the only one with a zero return in 2024, it must “run” at a rate of over 14%, in order to return to 1.79 euros, which is considered the highest level of the current year. Of course, no one can forget that until a month ago, the share was stuck below 1.40 euros, while today it is at 1.5 euros.
Finally, special mention should be made of Cyprus Bank, which is 13% away from the highest price, while Optima Bank still needs +5% (14.4 euros, record price).
