EUROCORP

Financial Morning News 09/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,043.28 posting significant profits of 6.06%, in a turnover of €168.38mn, due to the positive fiscal and corporate news (domestically and internationally).

According to press reports, the eurozone finance ministers meeting in Brussels next Monday are expected to make a political decision on two tranches of rescue funding for Greece worth a total of €7.5bn.

Morgan Stanley is urging investors to buy Greek state bonds as a result of the restoration of confidence in the country that has seen the yields on Greek government paper drop considerably (WSJ).

Corporate Impacts

  • OTE: It reported net profit of €167.5mn (exp: €106.7mn) for Q1’13 from €308.1mn last year. Stripping out one-off items, comparable net rose 5%. The sales dropped to €1.045bn (exp: €1.05bn) and the company does not expect a material improvement in its operating conditions in the coming quarters, as sharp competition and recession in its two biggest markets.
  • Technical

    FTSE 25 June future:

      Support levels: 356-348-342. Resistance levels: 370-378-386.

    General Index:

      Support levels: 1,030-1,010-990. Resistance levels: 1,050-1,070-1,100.

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