EUROCORP

Financial Morning News 02/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,342.75 posting profits of 0.52%, in a turnover of €130.84mn.

The Eurogroup President Mr. Jeroen Dijsselbloem said that Greece will receive its next €8.3bn bailout instalment in three parts. The first part of the current instalment of rescue loans would be disbursed at the end of April and the rest of the rescue loans will be paid in June and July. The amount does not include the IMF portion of the instalment, which is paid separately.

The Finance Minister Mr. Yannis Stournaras said that Greece will tap bond markets in the next three months for the first time 2010. He added that Greece would now proceed with “a small issuance of bonds, three or five-year bonds, in the first semester of 2014” which would contribute to the country’s financing.

Corporate Impacts

  • Cypriot Banks: According to the IMF report, Cyprus is making a comeback from near bankruptcy although its banks are still struggling with bad loans and political support may be waning for tough measures.
  • Technical

    FTSE 25 April future:

      Support levels: 426-420-414. Resistance levels: 438-445-450.

    General Index:

      Support levels: 1,325-1,300-1,280. Resistance levels: 1,350-1,380-1,400.

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