EUROCORP

Financial Morning News 10/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 838.29 posting losses of 2.34%, in a turnover of €57.07mn.

IOBE think tank said that the economy is expected to shrink by 4.8 to 5% this year, forecasting a deeper recession than its previous -4.6% forecast. Please note that troika expect the economy to shrink by 4.2% percent in 2013, while BoG projects a contraction of 4.6%. IOBE said that the unemployment rate will rise to 27.8% this year, upwardly revising a previous 27.3% (Reuters).

Greece sold €1.625bn of six-month T-bills yesterday with a yield of 4.2%, unchanged from a previous June auction. The sale’s bid-cover ratio was 1.70, the same as in the previous auction (PDMA).

The BoG Governor Mr. Giorgos Provopoulos said that Greek tourism must become more competitive. Please note that tourism accounted for almost 16% of GDP in 2011, while the arrivals in the first half of the year posted a 10% rise to €4.35mn from H1’12.

Corporate Impacts

  • Greek Banks: All four major banks delivered their offers yesterday to the Hellenic Financial Stability Fund (HFSF) for the acquisition of Hellenic Postbank, while the sale of Hellenic Postbank may be completed on Monday July 15. Please note that the sale constitutes a prior action for the disbursement of the next bailout tranche.
  • Attica Bank: Today the new 664.7mn shares from the recent €199mn capital increase will start trading.
  • Technical

    FTSE 25 September future:

      Support levels: 282-276-270. Resistance levels: 296-302-312.

    General Index:

      Support levels: 830-810-790. Resistance levels: 860-884-910.

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