EUROCORP

Financial Morning News 12/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,246.03 posting losses of 1.12 %, in a turnover of €97.97mn.

MSCI will announce today evening the quarterly review of MSCI indices, while any change will be effective on 3 March 2014. Note that namely OPAP, OTE, NBG, Piraeus, Alpha Bank, PPC, Hellenic Petroleum, FF Group, Jumbo and Titan Cement participate to the index.

Greece’s central government posted a primary budget surplus of €811mn in January compared to a surplus of €415mn in the same period last year. Note that the figure excludes social security organizations and local administration budgets.

Greece sold €1.3bn of three-month T-bills yesterday to roll over a maturing issue. The T-bills were priced to yield 3.60%, down from 3.75% in a January auction, while the sale’s bid-cover ratio was 2.38, up from 2.05 in the previous sale (PDMA).

Citi estimates that the Greek economy will shrink 3.4% in 2013 and will post a further contraction amounting to 1.9% in 2014. The house does not expect the economy to start expanding again before the second half of 2015.

Corporate Impacts

  • Alpha Bank: According to press reports, the bank is in talks to acquire part of Citibank’s local retail banking operations, with a network of 21 branches across the country.
  • Technical

    FTSE 25 February future:

      Support levels: 400-395-388. Resistance levels: 414-420-428.

    General Index:

      Support levels: 1,225-1,200-1,190. Resistance levels: 1,270-1,280-1,305.

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