EUROCORP

Financial Morning News 02/06/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,223.48 posting profits of 143%, in a turnover of €807.33mn.

The IMF’s executive board agreed on Friday to disburse the loan tranche of €3.41bn to Greece and recognized the large fiscal adjustment that has been achieved in Greece. However, it also stressed the need for the government to continue to implement structural reforms, such as market liberalization, to make the country more attractive to investors and boost the recovery.

The German Finance Minister Mr. Wolfgang Schaeuble said that a third bailout for Greece would be less than €10bn, significantly smaller than each of the previous aid packages.

The retail sales by volume fell 0.8% in March compared to the same month last year. The reading had risen at a revised annual pace of 0.9% in February, more than previously estimated (ELSTAT).

Corporate Impacts

    • NBG Fitch announced that it has placed NBG’s mortgage-covered bonds’ B+ rating on Rating Watch Positive, following the upgrade of Greece’s sovereign long-term rating to B, from B- a week earlier.
    • EYDAP: The company reported first-quarter profit fell 79% as a one-time tax gain wasn’t repeated. Net income dropped to €5.5mn from €25.7mn, while revenue dropped to€ 70.7mn from €73.1mn a year earlier.

Technical

FTSE 25 June future:

        Support levels: 388-380-374. Resistance levels: 403-410-418.

General Index:

      Support levels: 1,220-1,200-1,185. Resistance levels: 1,241-1,250-1,265.

Disclaimer

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The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

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