Testimonies from the Athens Stock Exchange …


she Alexandra Tombra

The strong pressures that Piraeus shares and other bank stocks have on the Athens Stock Exchange are now at the 610-unit limit, making it possible to test the psychological limit of 600 points.

In particular, the General Index registered a decline of 1.38% to 610.85 points, while turnover amounted to 17.58 million euros and volume to 10.9 million units. The FTSE 25 also registered a fall of 1.44% to 1,613.34, while the banking index registered losses of 3.43%, to 473.60 points.

Although he has managed to advance for some time on positive territory, the Athens Stock Exchange can no longer absorb the pressures on most of its titles, such as Piraeus, National and PPC.

This is because the ASE is in the index of funds monitored since last week, following the MSCI indicators, whose composition will be revised about a week from today, November 13. The big debate, of course, revolves around bank stocks, due to the huge losses they have recorded since early September in their capitalization.

Thus, after UBS, Wood believes that the removal of Piraeus Bank from the MSCI Greece index is more than likely since its capitalization is well below the threshold to maintain the index and therefore expects the MSCI to exclude. Thus, breakfast + 4.54%, Piraeus is currently down 9.17%, capitalizing to 475 million euros.

In addition, according to UBS estimates, the exit of the Piracy of the Emerging Markets MSCI will result in settlements of US $ 27.32 million or 19.79 million shares. The Swiss bank does not explain why the MSCI will move to this move, but notes that in a similar report from Societe Generale last week that also estimates that Piraeus will be out of the emerging markets index, I noticed that this move has to do with the amount of its capitalization.

Although more suppressions made by MSCI Greece are discarded by Wood, it is not unlikely that Greece will have a small presence in the emerging markets index, since it is estimated that Ethniki and Eurobank (Societe Generale) will be removed.

However, as national stock brokers comment, the timing of the deduction is important, as foreign portfolios in the last two months of each year, especially last month, are planning the strategies of the next 12-month calendar. With Greek banks, in addition to the indicators most of the portfolios are watching, ATHEX is unlikely to lose critical capital by 2019.

In addition to Piraeus, losses of over 2% are recorded by National, Eurobank, Motor Oil, Alpha Bank, Mytilene and Coca-Cola, while more than 1% is the decrease in EYDAP, PPA, HELEX, PPC and Aegean. .

MIGs Terna, Hellenic Petroleum, Biochalco, OPAP, Sarantis, Terna Energy and Lambda are in moderate decline, while GHM, Grivalia and OTE are in moderate operation. More than 1% are the gains in Jumbo and Fourlis.


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