EUROCORP

Financial Morning News 12/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 929.69 posting losses of 2.38%, in a turnover of €42.16mn.

The Greek economy contracted by 5.7% in the final quarter of 2012 compared to a year earlier, while the overall contraction of the economy in 2012 reached at 6.4%. The total final consumption expenditure recorded a decrease of 9%, while the gross fixed capital formation decreased by 10.3%. The external trade deficit decreased by 17.5% (ELSTAT).

The new head of Greece’s privatization agency is the CEO of the Athens Water Supply and Sewerage Company Mr. Stelios Stavridis, after Mr. Athanasopoulos’s resignation.

Corporate Impacts

  • NBG: According to Bloomberg, Dolphin Capital Investors Ltd. plans to bid for the Astir Palace resort in Athens. The bank and the Hellenic Republic Asset Development Fund, which own the property, put out an international public tender on Jan. 16 as part of the government’s €50bn asset disposal program.
  • Titan Cement: The company issued a statement saying that it has no plans to move its headquarters from Greece.
  • Cypriot Banks: a) The economy contracted by 3.4% in the fourth quarter of 2012 from a year earlier. The finance ministry had predicted that GDP will contract 2.4% in 2012 and shrink further by 3.5% in 2013 b) The President Mr. Nicos Anastasiades did not confirm reports that his country is planning to ask Greece for €2bn from its €48bn bank recapitalization program to support Cypriot lender.
  • Technical

    FTSE 25 March future:

      Support levels: 300-295-290. Resistance levels: 312-320-324.

    General Index:

      Support levels: 918-910-880. Resistance levels: 958-970-985.

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