ATHEX: Rebalancing leads to jump in turnover

TAGS: Stocks

The upcoming rebalancing of the MSCI Greek stock indexes and profit taking after five consecutive days of gains led to losses at Athinon Avenue on Friday, with a huge daily turnover. Notably 70% of trading volume took placing during the closing auctions. The benchmark of the Athens stock market ended May with a monthly advance of 3.87%, though banks lost 2.94%.

The Athens Exchange (ATHEX) general index ended at 652.58 points, shedding 1.87% from Thursday’s 665.04 points. On a weekly basis it expanded 7.12%.

The large-cap FTSE 25 index contracted 2.41% to 1,571.48 points and the banks index slumped 7.94%.

Eurobank dropped 10.59%, Alpha Bank and Titan Cement lost 8.87%, National Bank fell 7%, Aegean Air declined 6.14% and OPAP shrank 5.30%. Public Power Corporation grew 3.68%, Motor Oil rose 1.69% and Lamda Development increased 1.46%.

In total 38 stocks posted gains, 59 endured losses and 18 remained unchanged. Turnover came to 390 million euros, up from Thursday’s €95.3 million.

In Nicosia, the general index of the Cyprus Stock Exchange improved 0.74% to close at 47.88 points.