Among stock market falls, some Greek listings outperform

Folli Follie SA

03/08/2015 11:07

ATHENS, Aug 3 (Reuters) - Although Greece's stock market 
 .ATG  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. 
 ID:nL5N10E169  
    Unlike the index heavyweight banks  .FTATBNK , which fell to 
the daily volatility limit of 30 percent, shares of OTE Telecom 
 OTEr.AT , Aegean Airlines  AGNr.AT  and refiner Motor Oil 
 MORr.AT  were outperforming the benchmark index  .ATG  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 
 KRDr.AT  a processor of iron and sheet steel products -- which 
was up 4.7 percent. But only 10 shares in it had changed hands. 
    Jewellery retailer Folli Follie  HDFr.AT , which has a store 
network outside Greece, and metals group Mytilineos  MYTr.AT , 
an exporter of aluminium, 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  HDFr.AT  generates most of its  
operating profit abroad.    
    "They can continue operating seamlessly despite the capital 
controls," Chatzidakis said. 
 
 (Reporting by George Georgiopoulos and Angeliki Koutantou; 
Editing by Jeremy Gaunt and Janet Lawrence) 
 ((george.georgiopoulos@thomsonreuters.com; +30210 337 6437; 
Reuters Messaging: 
george.georgiopoulos.thomsonreuters.com@reuters.net)) 
 
Keywords: EUROZONE GREECE/STOCKMARKET OUTPERFORMERS