Ase, Nigeria

The positive prospects of the Athens Stock Exchange (ASE) will provide a solution to the suspended privatization of DEPA Commercial, a subsidiary of Public Gas Corporation (DEPA).

The plan is to get HELLENiQ Energy (the former ELPE) to sell its 35% stake in DEPA Commercial to the state, which, in turn, will list the company on the ASE.

With gains of 40% this year and 65% overall since its rally began in September 2022, the Athens Stock Exchange, at a nine-year high, is one of the top performers internationally.

A big part of the market's rise is due to banks, whose index has increased 65% since the beginning of the year and 108% in the past 12 months.

The stock market faced a selling wave among heightened concern about the Chinese economy and fears that interest rates will stay high in both Europe and the US for some time.

The ASE general index ended 1.57% lower to 1,263.34 on turnover of €85.66 million. It was the fourth consecutive weekly drop (1.83%), while banks fell 3.02%.

The Athens Stock Exchange posted minimal gains, with the positive news of the upgrading of Greece's debt by Scope Ratings balanced by the negative climate in other European markets.

The ASE general index ended 0.09% higher at 1,320.65 points, trading narrowly throughout the session. Turnover was €79 million.