EUROCORP

Financial Morning News 06/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 917.75 posting marginal profits of 0.13%, in a turnover of €40.59mn.

The Finance Minister Mr. Yannis Stournaras said that the Greek government is more concerned with producing a primary budget surplus this year and returning to growth from the beginning of 2014 than on how to fill holes in its financing over the next years. He also said that “further austerity is not the solution to the problem and Greece is trying to improve the tax collection mechanisms and to complete the remaining structural reforms.

The Administrative Reform Minister Mr. Kyriakos Mitsotakis is convinced that Greece will meet its target of placing 12.5k civil servants in a mobility scheme by the end of September.

The Deputy Finance Minister Mr. Christos Staikouras said that Greece’s state budget revenues reached €7bn in July, covering a shortfall in the state income from the first half of 2013.

Corporate Impacts

  • Frigoglass: The sales reduced by 7.5% to €313mn in H1’13, while the EBITDA amounted to €47.6mn (-7.5%). The net profit decreased by 39.9% to €9.87mn.
  • Technical

    FTSE 25 August future:

      Support levels: 310-302-296. Resistance levels: 321-327-334.

    General Index:

      Support levels: 903-884-870. Resistance levels: 935-950-975.

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