GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,173.01 posting losses of 1.70%, in a turnover of €164.58mn.

Greece hired five banks (Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs and J.P. Morgan) to manage the sale of its second 3- year EUR-denominated Reg S / 144A benchmark offering under English law bond issue today. The transaction is expected to be priced today.

The consumer price index last month fell 1.1% compared with a year earlier. The consumer prices on a monthly basis rose 0.6%, mostly due to a jump in the cost of clothing and footwear. Without that increase, prices would have remained largely unchanged between June and May (ELSTAT).

Corporate Impacts

• PPC: The Greek Parliament approved legislation paving the way for the part-privatization of the PPC, but opposition parties did not give up their efforts to force a discussion about a referendum on the sale
• Apha Bank: European Union state aid regulators cleared that the restructuring of the bank by downsizing its international operations would ensure the lender’s viability. The EU competition watchdog also approved Alpha’s takeover of Greek peer Emporiki Bank.
• PPA: The European Commission is expected in the next few days to green-light the sealing of the agreement for the friendly arrangement between Cosco and Piraeus Port Authority regarding the extension of the western section of Terminal III. This development will pave the way for the submission of a binding bid for the 67% in PPA as Cosco had set the deal’s approval as a condition for its participation in the tender.

Technical

FTSE 25 September future:

Support levels: 372-366-360. Resistance levels: 386-395-402.

General Index:

Support levels: 1,165-1,145-1,130. Resistance levels: 1,208-1,221-1,250.

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