Thursday , June 1 2023

CHA: sinks from 7.6% for the banking index


Today the climate on the Athens stock exchange is difficult, because the banking issues are in the foreground. Although the expected growth, the erosion of three banks according to the MSCI Standard Greece index and their reduction to the small cap of the cap, will trigger new ruthless blows to their actions.

The Athens Stock Exchange index dropped by 7.6%, leading to a general index of losses of over 2%. Reversal and liquidation increase traffic before the first hour of the meeting close to 9 million euros.

Eurobank receives the strongest pressure, with a 13% drop, while the National Bank sees the title at -12.5%. Piraeus Bank also reported losses of 5%. These are the three banks that transmit the index of small caps by the MSCI. Lower pressures for Alpha Bank, which remains on the MSCI Standard Greece index, with a share of around 1.5%.

We recall that the French investment bank Societe Generale planned to remove three system banks from the MSCI Emerging Markets index, saying that this development will be at the center of the main liquidations. Goldman Sachs sees bankruptcy after the development.

Movements make it imperative to move faster with any plan to alleviate the weight of red credit from the balance sheet of the bank. There are two different proposals in the table: the Bank of Greece and the Financial Stability Fund. According to information, European regulators consider that both plans are acceptable in order to provide banks with more tools to free up unwanted reports. A number of other weapons are also being considered.

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