ATHEX: MSCI Impact Shakes Local Stock Market
Stocks on Athinon Avenue declined on Thursday, as corporate earnings failed to spark buyer interest amid high market volatility.
Market Indices Performance
- The Athens Exchange (ATHEX) general index fell 0.80%, closing at 1,998.38 points from Wednesday’s 2,014.47.
- The large-cap FTSE-25 index dropped 0.79%, ending at 5,042.06 points.
- Mid-cap stocks edged up slightly by 0.10%.
- The banking sector declined 1.05%, with National Bank down 4.40%, Optima slipping 2.15%, and Bank of Cyprus falling 1.26%, while Alpha Bank rose 1.40%.
Effect of MSCI Index Changes
Significant attention focused on MSCI index modifications:
- Metlen was removed from the MSCI Standard Greece index due to its listing on the London Stock Exchange, causing its shares to drop 5.87%.
- Cenergy Holdings and Viohalco entered the MSCI small-cap index, with Cenergy gaining 3.24% and Viohalco rising 5.09%.
“The exclusion of Metlen from MSCI Standard Greece and additions to the small-cap index dominated Thursday’s trading session.”
Market Summary
- Out of all stocks traded, 41 advanced, 61 declined, and 21 remained stable.
- Trading turnover rose to €281.2 million, up from €198.5 million on Wednesday.
Regional Market Update
Meanwhile, the Cyprus Stock Exchange general index dropped 0.13%, settling at 280.45 points in Nicosia.
Author’s summary: MSCI index reshuffling, especially Metlen’s removal and new small-cap entries, triggered volatility and influenced performance on the Athens stock market.