EUROCORP

Financial Morning News 11/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,124.28 posting profits of 1.13%, in a turnover of €142.93mn.

Greece’s central government had a primary budget surplus of €2.6bn (est: -€2.873bn) between January and September vs. €2.069bn a year earlier. The budget deficit amounted to €2.667bn (est: €8.273bn) from a deficit of €12.719bn a year earlier.

The IMF Managing Director Ms. Christine Lagarde said that she was confident Greece would achieve a primary surplus this year but did not want to speculate about further funding or measures.

Greece’s jobless rate rose to 27.6% in July from a downwardly revised of 27.5% in June (ELSTAT).

The Interior Minister Mr. Yiannis Michelakis ruled out the possibility of the government adopting fresh austerity measures to meet the country’s fiscal targets, after the IMF report that Greece will need to adopt new austerity measures of €6.7bn from 2014 to 2016 in order to make its fiscal adjustment targets.

Corporate Impacts

  • OPAP: Today, the Greek-Czech fund Emma Delta will complete the acquisition of 105mn shares in OPAP, paying the state privatization fund TAIPED €652mn.
  • Technical

    FTSE 25 October future:

      Support levels: 366-358-350. Resistance levels: 380-386-392.

    General Index:

      Support levels: 1,100-1,090-1,070. Resistance levels: 1,130-1,159-1,180.

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