FTSE/ASE-CSE Banking Index to help Cyprus capital markets

The launch of the FTSE/ASE-CSE Banking Index is expected to help the development of capital markets in Cyprus since it will now be possible to develop products based on the popular make-up of Cyprus’ and Greece’s top banks that usually attract most interest among foreign fund managers and local investors from both countries, said CSE Director General Nontas Metaxas.
The Athens Exchange and the Cyprus Stock Exchange in partnership with FTSE Group, the global index provider, announced the introduction of a new index: the FTSE/ATHEX-CSE Banking Index on November 3, 2008 with a starting value of 2,000 index points.
The new Index will focus on the banking sector of the two participating markets and is expected to complement the existing products offered by the two Exchanges. Moreover, it will allow investments in a well-established sector.
The FTSE/ATHEX-CSE Banking index will capture the performance of banks listed on the Athens and Cyprus stock exchanges. The index has been designed to form the basis for financial products that would allow investors to trade the banking sector in a single transaction.
Alpha Bank, Agricultural Bank of Greece, Geniki Bank, National Bank of Greece, Eurobank EFG, Piraeus Bank and Proton Bank are 7 component banking stocks from the Athens Stock Exchange.
Bank of Cyprus, Marfin Popular Bank and Hellenic Bank are the 3 component banking stocks from Cyprus. Bank of Cyprus and Marfin Popular Bank are listed on both exchanges.