Financial Morning News 10/06/2014


The General Index in Athens Stock Exchange (ASE) closed at 1,305.16 posting profits of 1.49%, in a turnover of €388.63mn.

The Greek economy performed better than expected in the first quarter of this year, shrinking by 0.9%, compared to a contraction of 1.1% estimated in May. The quarterly figure is the smallest since 2008, before Greece’s debt crisis hit (ELSTAT).

The Prime Minister Mr. Antonis Samaras replaced the Finance Minister Mr. Yannis Stournaras with the economist Mr. Gikas Hardouvelis. As expected, Mr. Stournaras left the Finance Ministry and is likely to take the top post at the Bank of Greece, replacing Mr. Giorgos Provopoulos, whose term expires later this month. The new cabinet is to be sworn in during a ceremony today.

Corporate Impacts

    • Piraeus Bank: The bank issued €1.58bn of loans for environmentally friendly projects since 2007. While nonperforming loans stood at 37.9% of total loans at the end of March, the green portfolio ratio was estimated to be lower than 10%.
    • Cypriot Banks: GDP contracted by 0.7% in the first quarter of 2014, a slight improvement on the 0.8% drop in the previous three months.


FTSE 25 June future:

        Support levels: 408-400-395. Resistance levels: 420-426-432.

General Index:

      Support levels: 1,260-1,250-1,220. Resistance levels: 1,295-1,310-1,330.


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