GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,214.31 posting profits of 0.36%, in a turnover of €95.61mn.

The Prime Minister Mr. Antonis Samaras and his coalition partner Mr. Evangelos Venizelos met yesterday to discuss the prior actions that Greece must honor in order to receive the next two tranches of rescue loans of €2bn.

The Economic Climate Index rose to 103.7 in June form 99.1 in May, which is the highest print since 2008.

Corporate Impacts

• NBG: The bank is proceeding with the absorption of its corporate management subsidiary Ethniki Kefalaiou. Note that Ethniki Kefalaiou’s assets amount to €400mn and the absorption is estimated that it could have a favourable impact on National’s asset index to the tune of 70 basis points.
• Coca-Cola HBC: The company announced that its Board of Directors resolved to apply for the delisting of its American Depositary Receipts (ADRs) from the New York Stock Exchange (NYSE), the termination of its ADR programme, and the deregistration and termination of its reporting obligations under the U.S. Securities Exchange Act of 1934. Delisting is expected to become effective on or around 24 July 2014. Coca-Cola HBC’s ADR programme is expected to be terminated on or around 1 August 2014.
• Greek banks: The deposits rose slightly in May for the third month in a row to €162.1bn from €161.4bn.
• EYATH: The State sell-off fund TAIPED announced that it was freezing the privatization process for the majority stake in the Thessaloniki Water Company. TAIPED will re-examine the ways in which the company can be utilized following the new conditions to have emerged as a result of a Council of State verdict regarding EYDAP as well as the reaction from the local community.

Technical

FTSE 25 September future:

Support levels: 388-382-376. Resistance levels: 400-408-414..

General Index:

Support levels: 1,200-1,180-1,165. Resistance levels: 1,240-1,255-1,285.

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