EUROCORP

Financial Morning News 08/02/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,042.16 posting profits of 0.67%, in a turnover of €62.24mn.

The Finance Minister Mr. Yannis Stournaras said that the economy could begin recovering by the end of 2013 as investors and depositors regain confidence in Greece. However, he said that 2013 will be a very difficult year, underscoring investor concerns that social unrest could resume (Bloomberg).

Economic Releases

    Industrial Output December, CPI January

    Corporate Impacts

    • OTE: The Company agreed to sell its satellite unit Hellas SAT to Saudi Arabia-based Arabsat for €208mn as part of measures to cut its debt. The transaction is expected to be completed in the second half of the year. We remind that the company plans to sell its Bulgarian unit Globul, but sources have said that it might reconsider the sale after the successful bond issue last month.
    • Greek Banks: The Finance Minister Mr. Yannis Stournaras said there is little scope to tweak the terms of the recapitalization plan for the banks and he added that setting up a so-called bad bank to take on non-performing loans in the system is not a priority.
    • Technical

      FTSE 20 March future:

        Support levels: 348-342-336. Resistance levels: 360-366-372.

      General Index:

        Support levels: 1,030-1,024-1,016. Resistance levels: 1,050-1,065-1,080.

      Disclaimer

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      The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

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