EUROCORP

Financial Morning News 04/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 837.82 posting losses of 2.16%, despite that the Greek bourse managed to retain its position among the world’s so-called developed stock markets, in a turnover of €38.74mn.

The coalition leaders would approach the troika with a common position that the emergency property tax be replaced with a new unified property tax. The new tax would also be attached to electricity bills but only for this year and the tax offices will be responsible for collecting the levy from next year.

The state privatization fund (TAIPED) announced the sale of four state properties abroad (London, Belgrade, Brussels and Nicosia) for €41.1mn.

Corporate Impacts

  • OTE: The company sold its 99.05% stake in Hellas Sat to Saudi Arabia-based Arabsat for €208mn. Please note that OTE received another €7mn in dividends.
  • PPC: The company estimates that revenues will reach €6.4bn in 2013, while EBITDA margin is estimated at 16.5-17%.
  • Cyrpiot Banks: A spokesman said that Germany’s finance ministry expects a final proposal for a MoU between Cyprus and the troika to be ready on April 9, adding the Bundestag lower house of parliament could vote on the aid package to Cyprus in the week beginning April 15.
  • Technical

    FTSE 25 June future:

      Support levels: 255-250-244. Resistance levels: 268-276-282.

    General Index:

      Support levels: 830-805-780. Resistance levels: 850-880-910.

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