EUROCORP

Financial Morning News 07/08/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 925.73 posting profits of 0.87%, in a turnover of €51.06mn.

The Prime Minister Mr. Antonis Samaras will have for a three-day visit to the USA, the highlight of which will be a meeting with the President Mr. Barack Obama tomorrow. Greek government sources see the meeting between Mr. Samaras and Mr. Obama as a vote of confidence from the US in the Greek government.

The consumer prices in Greece fell by 1.7% in July and 0.7% lower than in July 2012, driven by a very large drop in prices of clothing and footwear.

Greece sold €812.5mn of six-month T-bills yesterday to roll over a maturing issue with a yield of 4.20%, unchanged from a previous July auction. The sale’s bid-cover ratio was 1.77, up from 1.70 in the previous sale (PDMA).

Corporate Impacts

  • Piraeus Bank: The bank hired peer Eurobank’s former deputy chief executive Mr. Nick Karamouzis as a management adviser and a member of its strategic planning committee. He will be responsible for Piraeus’s Geniki unit, which will specialise in asset management, advisory banking and corporate restructuring. The unit will proceed with a rights issue at a later date.
  • Technical

    FTSE 25 August future:

      Support levels: 310-302-296. Resistance levels: 324-330-336.

    General Index:

      Support levels: 912-902-884. Resistance levels: 935-950-975.

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