The Greek stock market is positive for the second consecutive day, returning above 2,030 points, but not escaping a weekly drop. Sentiment in international markets is highly favorable, especially given the consecutive historic records on Wall Street.
Domestically, the news is rich, as today is expected to be the rebalancing in the FTSE Russell and Stoxx indices, the triple expiration in September derivatives (triple witching), and the Moody’s rating on Greece, which are added to the first half results announced by listed companies, and the dense business developments.
Specifically, in Friday’s (19/9) session, the General Index is up +0.28% to trade at 2,032.81 points. The index’s range is set at just 4 points, with the day’s high at 2,036.44 points and the day’s low at 2,032.13 points.
The Athens Stock Exchange managed to get a mini rebound after a three-day downward streak, which is not enough to prevent a weekly decline. This is because the GD needs to gain more than +1.7% today to make a positive sign for the five days. The MA’s rise in September is marginal, while since the beginning of the year, the return has been approaching +38%.
Index restructuring is scheduled today in the FTSE Russell, with the changes taking effect from Monday, 22 September. Metlen Energy & Metals will be included in the UK FTSE 100, as well as the European FTSE EuroMid. JP Morgan has estimated that the net positive passive equity impact for Metlen could be in excess of $400 million. Bank of Cyprus joins the FTSE Emerging Europe Large Cap Index, ElvalHalcor joins the Mid Cap and Petros Petropoulos will be added to the Micro Cap.
In addition, rebalancing will take place in the Stoxx indices, where Eurobank will join the Stoxx Emerging Europe Large Cap, Titan and AIA in the Mid Cap, and Aktor in the Small Cap. Coca-Cola HBC will be included in the Stoxx UK 50. Triple expiry in September derivatives (triple witching) for equities and indices is also to take place. All these developments are expected to boost trading activity sharply in today’s session.
Moody’s is scheduled to rate the Greek economy tonight, with no particular expectations for surprises. The US agency rates the country as “Baa3” with a stable outlook. Last March, it had upgraded Greece’s credit rating, becoming the last of the major rating agencies to give the investment grade. The next scheduled ratings are by S&P on 17 October, Scope on 7 November, and Fitch on 14 November.
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