EUROCORP

Financial Morning News 01/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 847.57 posting profits of 2.51%, in a turnover of €51.36mn.

Today, the troika officials will be in Athens. The issue expected to dominate talks is the troika’s demand for the induction of 12,5k civil servants into a so-called mobility scheme.The new Administrative Reform Minister Mr. Kyriakos Mitsotakis is expected to ask the troika for a two-month extension for the completion of the scheme.

Corporate Impacts

  • PPC: The electricity rates will be fully deregulated in Greece as of today, but the head of Public PPC Mr. Arthuros Zervos announced that there will be no changes to the pricing policy of the power giant for the next few months at least. Asked about the privatization of PPC, Mr. Zervos said that he is still awaiting a decision from the government, adding that he was not sure how the government plans to implement a scheme for the transfer of 30% of PPC’s client base to a new smaller, and rival, entity.
  • Greek Banks: According to Reuters, the bank rescue fund hired Rothschild and Goldman Sachs as advisers on the sale of lenders Proton and Hellenic Postbank. Please note that Alpha Bank expressed its interest in buying Hellenic Postbank.
  • Cypriot Banks: Fitch downgraded Cyprus’s Long-term local currency Issuer Default Rating to Restricted Default from ‘CCC’ following confirmation from the Cypriot government that the exchange of a number of domestic law government bonds has been completed.
  • Technical

    FTSE 25 September future:

      Support levels: 280-274-268. Resistance levels: 292-300-306.

    General Index:

      Support levels: 828-810-790. Resistance levels: 880-900-910.

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