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Athens Exchange

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Not to be confused with Golden Dawn (political party), also abbreviated XA.

37°59′25″N 23°43′43″E / 37.99028°N 23.72861°E / 37.99028; 23.72861

Athens Stock Exchange (ATHEX)
Χρηματιστήριο Αθηνών
TypeStock Exchange
Bond market
Derivatives market
LocationAthinon Avenue 110, Athens, Greece
Founded1876 (148 years ago) (1876)
OwnerCapital Group Companies (5.80%)[1]
Key peopleGeorge Handjinicolaou (Chairman)
Yianos Kontopoulos (CEO)
CurrencyEUR
No. of listings153[a][2]
Market cap€101.5 billion[b][3]
Volume€102.58 million[c][2]

The Athens Stock Exchange (ASE or ATHEX; Greek: Χρηματιστήριο Αθηνών (Χ.Α.), Chrimatistírio Athinón) is the stock exchange of Greece, based in the capital city of Athens.[4] It was founded in 1876. There are currently five markets operating in ATHEX: regulated securities market, regulated derivatives market, Alternative market, carbon market (for EUAs) and OTC market.[4] In the regulated securities market investors can trade in stocks, bonds, ETFs and other related securities. On the stock exchange 172 stocks are currently traded representing 166 companies.

ATHEX has over 30 indices. The six main indices are: Composite Index (GD), FTSE/Athex Large Cap (FTSE, also known as FTSE 25), FTSE/Athex Mid Cap Index (FTSEM), FTSE/Athex Market Index (FTSEA), FTSE/ATHEX Global Traders Index Plus (FTSEGTI) and FTSE/ATHEX Factor-Weighted Index (FTSEMSFW).[5] The Athens Composite index started trading in 1980,[6] its High 6355.04 set on 17 September 1999. The Athens stock exchange was closed on 27 June 2015 because of the Greek government-debt crisis.[7] It reopened on 3 August 2015 and lost more than 16% in the day's trading with certain bank stocks plummeting 30%, the daily change limit.[8][9]

On 23 August 2023, the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide a consolidated tape for the European Union, as part of the Capital Markets Union proposed by the European Commission.

History

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Further information: 1999 Greek stock market crash
 
The building in Sofocleous Street that used to accommodate the Athens Exchange until 2007

The Athens Stock Exchange started trading in 1876. Its day-to-day running has been assigned to Hellenic Exchanges – Athens Stock Exchange S.A., whose shares are listed on the exchange (Athex: EXAE). Athens Stock Exchange changed into public entity in 1918. In 1995 ASE was transformed into public limited company with the only shareholder – Greek state. Greek state sold 39.67% of the shares in 1997, and 12% in 1998 through private placement. State shares were decreased to 47.7% in 1999.[10] The derivatives market started trading in August 1999 after Athens Derivatives Exchange (ADEX) and the Athens Derivatives Exchange Clearing House started operations.[10] In 2002 the Athens Stock Exchange and the Athens Derivatives Exchange merged to form the Athens Stock Exchange.[11]

After being closed due to the ongoing debt crisis since 27 June 2015, the stock market crashed when the exchange was reopened on 3 August. The overall index lost over 16% of its value with bank stocks losing the maximum allowed 30% on the day's trading.[8]

The Athens Stock Exchange is a member of the Federation of Euro-Asian Stock Exchanges.

Location

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Until 2007, the exchange was located on Sofocleous Street, in the central business district of Athens. For this reason the Exchange and Sofocleous St became synonymous with each other. It is now located in its new headquarters at 110 Athinon Street, also called Kavalas Street. The exchange's trading hours are from 10:00am to 05:20pm Monday to Friday, and is closed on Saturdays, Sundays and holidays declared by the Exchange in advance.[12]

Stock exchange

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Companies listed on the exchange are regulated by the Hellenic Capital Market Commission.[13] As of 2 February 2021 on the Athens Exchange 166 companies[14] are represented with 172 stocks.[2][d] The Securities Market has 163 stocks[2] (from 157 companies) and the Alternative Market has 9 stocks (9 companies).[15]

Categories of stocks

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The stocks of the Securities Market are divided into three categories:

  • Main Market (126 stocks from 124 companies)[e][f][16]
  • Surveillance (25 stocks from 22 companies)[g] [h][17]
  • Under Suspension (12 stocks from 11 companies)[i][j][18]

For a list of the companies see: List of companies listed on the Athens Exchange .

Composite Index

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The Athens Exchange uses the symbol GD for the Composite Index.[6] The Bloomberg code for this index is ASE;[6][19] the Reuters code is .ATG.[6] The Composite Index was launched on 31 December 1980 (43 years ago)[6] and has 60 constituents.[6][20]

Annual returns

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The following table shows the annual development of the Athens Composite Index since 1987.[21]

Year Closing level Change in index
in points 		Change in index
in %
1987 272.47
1988 279.65 7.18 2.64
1989 459.43 179.78 64.29
1990 932.00 472.57 102.86
1991 809.71 −122.29 −13.12
1992 672.31 −137.40 −16.97
1993 958.66 286.35 42.59
1994 868.91 −89.75 −9.36
1995 914.15 45.24 5.21
1996 933.48 19.33 2.11
1997 1,479.63 546.15 58.51
1998 2,737.55 1,257.92 85.02
1999 5,535.09 2,797.54 102.19
2000 3,388.86 −2,146.23 −38.77
2001 2,591.56 −797.30 −23.53
2002 1,748.42 −843.14 −32.53
2003 2,263.58 515.16 29.46
2004 2,786.18 522.60 23.09
2005 3,663.90 877.72 31.50
2006 4,394.13 730.23 19.93
2007 5,178.83 784.70 17.86
2008 1,786.51 −3,392.32 −65.50
2009 2,196.16 409.65 22.93
2010 1,413.94 −782.22 −35.62
2011 680.42 −733.52 −51.88
2012 907.90 227.48 33.43
2013 1,162.68 254.78 28.06
2014 826.18 −336.50 −28.94
2015 631.35 −194.83 −23.58
2016 643.64 12.29 1.95
2017 802.37 158.73 24.66
2018 613.30 −189.07 −23.56
2019 916.67 303.37 49.47
2020 808.99 -107.68 -11.75
2021 893.34 84.35 10.43
2022 929.79 36.45 4.08
2023 1,293.14 363.35 39.08

Management

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Board of Directors oversees the activity of ATHEX. The Board consists of 13 members who are elected by the General Meeting of Shareholders for a 4-year term.[22] The current Board was elected at the 20th general Meeting of Shareholders conducted on 31 May 2021.[23] The chairman of the Board is George Handjinicolaou.[22] Yianos Kontopoulos is the CEO.[24]

Notes

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  1. ^ 153 stocks as of 14 February 2023, including the 9 stocks of the Alternative Market (from 166 companies).
  2. ^ as of 23 September 2024
  3. ^ volume of Monday 23 September 2024
  4. ^ There are 6 preferred stocks: AAAP, ANEP, ANEPO, LEVEP, MPP, XYLEP
  5. ^ As of 2 February 2021
  6. ^ The preferred stocks LEVEP, XYLEP correspond respectively to the common stocks LEVEK and XYLEK.
  7. ^ As of 2 February 2021
  8. ^ The preferred stock AAAP corresponds to the common stock AAAK and ANEP, ANEPO are preferred stocks of the companý that has ANEK as common stock.
  9. ^ As of 2 February 2021
  10. ^ The preferred stock MPP corresponds to the common stock MPK.

References

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  1. ^ "HELLENIC EXCHANGES - ATHENS STOCK EXCHANGE S.A. : Shareholders Board Members Managers and Company Profile | GRS395363005 | MarketScreener". www.marketscreener.com. Retrieved 22 February 2023.
  2. ^ a b c d "Stocks, All Markets – helex.gr". helex.gr. Retrieved 2 February 2021.
  3. ^ "Stocks - athexgroup.gr". www.athexgroup.gr. Retrieved 23 September 2024.
  4. ^ a b "Markets". helex.gr.
  5. ^ "Indices – helex.gr". helex.gr.
  6. ^ a b c d e f "GD: Index overview". Helex.gr. Retrieved 19 April 2016.
  7. ^ Udland, Myles (28 June 2015). "REPORT: Greece's stock market will be closed for at least a week". Business Insider. Retrieved 1 July 2015.
  8. ^ a b "Greek stock market bloodbath as exchange reopens". AP. 3 August 2015. Retrieved 3 August 2015.
  9. ^ "Market Holidays". Athens Exchange Group. 12 August 2015. Retrieved 12 August 2015.
  10. ^ a b "History - helex.gr". www.helex.gr. Archived from the original on 16 July 2015. Retrieved 29 May 2018.
  11. ^ Zeynep Copur (31 January 2015). Handbook of Research on Behavioral Finance and Investment Strategies ... IGI Global. p. 257. ISBN 9781466674851. Retrieved 3 August 2015.
  12. ^ Market Hours, Athens Exchange via Wikinvest
  13. ^ "ANNUAL REPORT 2009" (PDF). Hellenic Republic Capital Market Commission. Archived from the original (PDF) on 3 October 2011. Retrieved 7 June 2011.
  14. ^ "Companies, All Markets – helex.gr". helex.gr. Retrieved 2 February 2021.
  15. ^ "Stocks, Alternative Market– helex.gr". helex.gr. Retrieved 2 February 2021.
  16. ^ "Stocks, Main Market– helex.gr". helex.gr. Retrieved 2 February 2021.
  17. ^ "Stocks, Surveillance– helex.gr". helex.gr. Retrieved 2 February 2021.
  18. ^ "Stocks, Under Suspension – helex.gr". helex.gr. Retrieved 2 February 2021.
  19. ^ "ASE Quote – Athens Stock Exchange General Index". Bloomberg.com.
  20. ^ "GD: Index composition". Helex.gr. Retrieved 19 April 2016.
  21. ^ "^ATH - ATHEX Composite Index - Greece - Stooq". Retrieved 22 February 2023.
  22. ^ a b "Board of Directors - helex.gr". www.helex.gr. Retrieved 23 March 2022.
  23. ^ "Press Release of 20th Annual General Meeting". www.helex.gr. Retrieved 23 March 2022.
  24. ^ Georgiopoulos, George (22 January 2022). "Greek stock exchange board picks Kontopoulos as new CEO". Reuters. Retrieved 23 March 2022.
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