GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 851.42 posting profits of 0.45%, in a turnover of €44.88mn.
Government officials resumed negotiations with troika and a new meeting is planned for tomorrow. It appeared unlikely that the talks would be completed in time for the next summit of eurozone finance ministers next Monday. A key issue expected to dominate negotiations in the coming days is a delayed overhaul of the civil service.
The German Finance Minister Mr. Wolfgang Schaeuble said that there are “fragile but real” recovery signs in Greek economy and seconded European Commissioner Olli Rehn in saying he does not recollect a proposal by the IMF for a Greek debt haircut from 2010.
The US-based fund Japonica Partners altered the terms of its offer until August 1 by increasing the total size to €4bn from €2.9bn, but also lowering its price to 40% of principal from 45% previously.
The economic sentiment of IOBE fell slightly to 93.5 points in June from 93.8 a month earlier, as the political uncertainty caused by the collapse of the three-party coalition appears to have halted that rise. IOBE noted much improved sentiment in the tourism sector but much lower consumer confidence, with a direct impact on retail trade.
- METKA: The company signed a new contract with the Electricity Ministry of Iraq for the construction of a combined cycle plant at Al-Anbar with a total capacity of 1,642MW, budgeted at $1.05bn. The timetable for delivery of the project is 32 months after the issue of the letter of credit.
FTSE 25 September future:
- Support levels: 280-274-268. Resistance levels: 296-302-310.
- Support levels: 830-806-790. Resistance levels: 884-900-935.
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