ATHEX Market Declines Amid MSCI Index Changes
Stocks on Athinon Avenue fell on Thursday, as recent corporate results failed to encourage buying in a volatile environment. The Athens Exchange (ATHEX) general index closed at 1,998.38 points, down 0.80% from Wednesday’s 2,014.47 points.
Index Movements
- The large-cap FTSE-25 index declined 0.79%, finishing at 5,042.06 points.
- Mid-cap stocks slightly increased by 0.10%.
- The banks index dropped 1.05%, with National Bank falling 4.40%, Optima down 2.15%, and Bank of Cyprus losing 1.26%, while Alpha Bank gained 1.40%.
Impact of MSCI Index Adjustments
The session was influenced by notable changes to the MSCI indexes. Metlen was removed from the MSCI Standard Greece index following its listing on the London Stock Exchange, while Cenergy Holdings and Viohalco were added to the small-cap index.
- Metlen’s stock declined 5.87%.
- Cenergy Holdings rose 3.24%.
- Viohalco increased by 5.09%.
Market Summary
Overall, 41 stocks gained, 61 declined, and 21 remained unchanged. Turnover rose to €281.2 million, compared to €198.5 million on Wednesday.
Cyprus Stock Exchange
Meanwhile, in Nicosia, the Cyprus Stock Exchange general index fell 0.13%, closing at 280.45 points.
"Stocks at Athinon Avenue headed south on Thursday, with the corporate results announced apparently not whetting traders’ appetite for purchases in a climate of high volatility."
Author’s summary: Market volatility and MSCI index adjustments weighed on ATHEX stocks, causing broad declines despite selective gains among mid-caps and small caps.