EUROCORP

Financial Morning News 04/02/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 977.27 posting losses of 0.96%, in a turnover of €65.19mn.

The Finance Minister Mr. Yannis Stournaras said that Greece will begin to recover from five years of recession and will increase its production in 2014, adding that the gap between what it could be producing and what it is producing is higher than 25%. He expects that Greece is on track to produce a primary surplus this year and 70% of the excess will go to social benefits or to tax cuts.

Greece will auction €625mn of six-month T-bills tomorrow to roll over maturing debt.

Corporate Impacts

  • OPAP: The finance ministry announced a new taxation scheme for gambling wins. Wins up to €100 will be tax-free and wins between €100 and €500 will be taxed with a 15% rate, while wins over €500 will be taxed with 20%. The new scheme will allow gamblers winning less than €100 to re-invest their wins in new games. The new proposal is expected to be submitted to the Parliament soon.
  • OTE: Four major telecoms companies (Turk Telekom, mobile phone operator Turkcell, Norway’s Telenor and Deutsche Telekom) are competing to buy Bulgarian mobile operator Globul in a deal expected to be worth about €700mn. The binding bids are expected by March 18 and a deal can be expected later in March or in April. However, OTE may also decide to cancel the sale after it secured €700mn through a bond issue on Wednesday (Reuters).
  • Technical

    FTSE 20 March future:

      Support levels: 328-322-318. Resistance levels: 340-346-352.

    General Index:

      Support levels: 970-955-940. Resistance levels: 994-1,014-1,030.

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