BUSINESS

ATHEX: Shake-up of indexes puts pressure on bank stocks

TAGS: Stocks

The relegation of National Bank, Eurobank and Piraeus Bank from the MSCI Standard index for emerging markets into the MSCI Small Cap Index, from which Ellaktor has also been removed, had a significant impact on Wednesday’s trading session at Athinon Avenue, hurting the prices not only of bank stocks but other sectors too.

The Athens Exchange (ATHEX) general index ended at 634.64 points, shedding 1.45 percent from Tuesday’s 644 points. The large-cap FTSE-25 index contracted 1.74 percent to 1,668.72 points.

The banks index slumped 7.10 percent, with National losing 13.20 percent, Eurobank surrendering 9.84 percent, Piraeus giving up 6.21 percent and Alpha sliding 2.96 percent. Fourlis Holdings outperformed with an increase of 2.59 percent.

In total 27 stocks posted gains, 51 took losses and 34 stayed put.

Turnover reached 56.2 million euros, up from Tuesday’s 42.8 million.

In Nicosia the Cyprus Stock Exchange general index advanced 0.28 percent to close at 67.82 points.

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