The Athens Stock Exchange has shown a significant performance even after the international banking turmoil, recording a 13.4% rise in the first quarter of 2023, surpassing a 7.7% rise in the Stoxx Europe 600 index, a 7.2% rise in the MSCI World index and a 7.0% increase in the S&P 500 index, Yianos Kontopoulos, CEO of the Athens Exchange Group said.
Speaking to reporters, Kontopoulos said he expected a decision to upgrade the Greek stock market into a developed market within 2024, saying this decision would be based on two criteria: the Greek economy obtaining investment grade and boosting share dispersion in the market.
He said that ATHEX management was working towards fulfilling the criteria for the transition of the market into the developed market category focusing on: the successful transition to a new Inter-European Automated System of Rapid Capital Transfer and Settlement in real time, improving the securities lending market with the creation of a hybrid system of risk management, and improving the derivatives market with 6 new stock futures and a new derivatives index.
The new index, MSCI Rebased GR Index will include 10 listed companies (Alpha Bank, Eurobank, Jumbo, Motor Oil, Mytilineos, National Bank, OTE, OPAP, PPC and Terna Energy) and will be launched on May 10 after roadshows in London and Paris. Kontopoulos said that according to FTSE, the Athens Stock Exchange fulfils the conditions for its upgrade, while Morgan Stanley is expected to offer a “green light” in June.
ATHEX Group has scheduled its investment roadshow in London, in cooperation with Morgan Stanley and Greek securities firms, for November 27-28, while it will organise roadshows in three other European cities: in Geneva on June 13, in Paris on June 22 and in Frankfurt on October 31.