EUROCORP

Financial Morning News 04/10/13

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,033.25 posting profits of 2.13%, in a turnover of €61.21mn, following news that the leader of Golden Dawn would remain in custody pending trial.

Japonica Partners, following conclusion of the Dutch auction on 30 September for select series of GGBs said that Greece is a single A+ credit based on superior fundamentals and performance, especially compared to peers and added that GGBs are currently massively undervalued and in 2014 their yield should break 5% and price should exceed 85% of par.

Corporate Impacts

  • NBG, Piraeus Bank: According to Reuters, the two banks plan to put their troubled loans into separate “bad banks” in order to restore consumers’ confidence in the rest of their business.
  • Cypriot banks: : Moody’s said that Cypriot banks could need a further €1.5bn of capital to cope with a rise in bad loans in a rapidly contracting economy. It anticipates a 12% contraction in economic output this year, considerably worse than lenders’ estimates of an 8.7% decline. The agency estimated that problem loans increased to around 26% of gross loans at the end of 2012 and would increase to over 35% by the end of this year.
  • Technical

    FTSE 25 October future:

      Support levels: 342-336-330. Resistance levels: 356-362-370.

    General Index:

      Support levels: 1,010- 1,000-980. Resistance levels: 1,050-1,080-1,100.

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