GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,011.85 posting profits of 1.66%, in a turnover of €56.83mn.
Fitch said that Greece has hit its fiscal target for 2012 and posted a minor primary surplus despite economic underperformance. The deficit reduction was achieved by a combination of larger than expected cuts in primary government expenditure and private and official sector debt relief. It forecasts a further contraction of 4% in GDP this year.
Greece sold €812.5mn of six-month T-bills yesterday with a yield of 4.27%, three basis points below a previous auction. The sale’s bid-cover ratio was 1.68, up from 1.62 in the previous auction.
- Greek Banks: According to press reports, the government may set up a bad bank to take over non-performing loans of four banks that have been deemed viable, as well as those in liquidation. Bad bank would buy loans from viable banks at 15%-50% of value of loans’ collateral.
FTSE 20 March future:
- Support levels: 336-330-324. Resistance levels: 348-352-358.
- Support levels: 1,002-992-984. Resistance levels: 1,030-1,050-1,100.
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