MSCI grad­ing and ERT take toll on stocks

Kathimerini English - - Front Page -

The de­mo­tion of the Greek bourse from a de­vel­oped mar­ket to a emerg­ing one by MSCI, and the po­lit­i­cal reper­cus­sions from the tem­po­rary shut­down of the state broad­caster in­flicted a fresh de­cline on Greek stocks yes­ter­day. The bench­mark in­dex piled up losses of 14.5 per­cent in the last eight ses­sions, evap­o­rat­ing all the gains of 2013.

The Athens Ex­change (ATHEX) gen­eral in­dex closed at 867.08 points, fall­ing by 3.21 per­cent from Tues­day’s 895.86 points. The large­cap FTSE/ATHEX-25 in­dex con­tracted by 3.67 per­cent to 293.53 points.

It re­mains to be seen whether the MSCI rel­e­ga­tion of ATHEX’s sta­tus proves to be to the ben­e­fit of the mar­ket. While many in­sti­tu­tional in­vestors will de­part as their rules pre­vent them from in­vest­ing in emerg­ing mar­kets, oth­ers may see new op­por­tu­ni­ties arise on the Athens bourse.

Most blue chips headed south yes­ter­day, led by Marfin In­vest­ment Group (down 10.26 per­cent). National Bank bucked the trend to record a rise of 3.51 per­cent.

In to­tal, 49 stocks posted gains, 96 reg­is­tered losses and 25 re­mained un­changed.

Turnover came to 80.6 mil­lion eu­ros, down from Tues­day’s 89.9 mil­lion eu­ros.

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