The MSCI Standard Greece index has delisted Ethniki, Eurobank and Piraeus banks as Morgan Stanley announced on Tuesday evening, causing a shock to the domestic capital market.
Based on these changes, the shares are added to MSCI Small Cap (small capitalization).
Small Cap also removed the share of Ellactor and changes in the indexes will come into effect after the close of November 30th.
According to analysts, the changes in MSCI will lead to a net outflow of capital of € 70 million from the Athens Stock Exchange, from the liquidations of the above-mentioned companies that will be undertaken by large foreign institutional portfolios investing according to the composition of the MSCI indices.
These funds will be channeled to the Tel Aviv, China and Taiwan exchanges, which are the big winners of the review of the indices.
The delisting of the National Bank and Eurobank is a big surprise for the market, with a market value of over € 1 billion (Eurobank has capitalized € 1.33 billion and the National Bank 1.27 billion). investors had forecasted that they would not be deleted from the index.
On the contrary, the foreign funds that, during September and October, proceeded to large open sales of bank shares. According to analysts, what weighed negatively and eventually led to the withdrawal of Ethniki and Eurobank shares from the MSCI Greece index was the small free float, ie the number of shares that are free to trade on the market.