ATHEX: MSCI shake-up offsets gains

Measured optimism that the market may have seen the worst yet generated early gains at the local bourse on Wednesday, but the changes imposed on the MSCI index setup regarding Greek chips left the benchmark virtually unchanged from the previous day at the end of the session.

The Athens Exchange (ATHEX) general index closed at 828.87 points, slipping 0.03 percent from Tuesday’s 829.10 points. The large-cap FTSE/ATHEX 25 index expanded 0.40 percent to close at 248.94 points.

Public Power Corp stock will be ejected from the MSCI Standard Greece index after May 29, when it will drop into the MSCI Small Cap Index, joining Hellenic Petroleum. Frigoglass, Marfin Investment Group and GEK Terna will be removed from the small-cap index.

Marfin gave up 7.86 percent. PPC lost 5.65 percent and GEK Terna fell 4.37 percent, while Hellenic Petroleum added 4.94 percent, OTE telecom grew 3.66 percent (after the company announced its Q1 results), and Folli Follie increased by 3.36 percent.

In total 58 stocks showed gains, 48 took losses and 20 ended unchanged.

Turnover came to 93.2 million euros, up from Monday’s 68.3 million.

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