EUROCORP

Financial Morning News 12/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 895.86 posting losses of 4.67%, in a turnover of €125.18mn, due to the failure of the DEPA tender and the unrest created within the government by the closure of state broadcaster ERT.

MSCI downgraded the MSCI Greece Index from Developed Markets to Emerging Markets, as it failed to meet criteria regarding securities borrowing and lending facilities, short selling and transferability.

The European Commission said that Greece should resume its attempts to sell natural-gas monopoly Depa as soon as possible and he added that the European Commission did not play a role in the process that saw Gazprom withdraw its bid for Depa.

The Prime Minister Mr. Antonis Samaras ruled out any possibility of the government adopting new austerity measures to make up for its failure to sell gas firm Depa. At the same time, a senior government official said that Greece will ask its international creditors to lower this year’s privatization target (€2.5bn), as it is very difficult to cover the €1bn they expected to raise from Depa.

Greece sold €1.625bn of six-month T-bills with a yield of 4.2%, unchanged from a previous May auction. The sale’s bid-cover ratio was 1.70, down from 1.71 in the previous auction (PDMA).

The turnover index in wholesale trade in the first quarter of 2013 fell by 14.4% after a decrease of 18.6% a year earlier (ELSTAT).

Corporate Impacts

  • Greek Banks: The Emergency liquidity assistance (ELA) from BoG stood at €19.93bn at the end of May from €33.43bn a month earlier. Over the same period, ECB funding rose 7.4% to €65.40bn (BoG).
  • Technical

    FTSE 25 June future:

      Support levels: 294-288-280. Resistance levels: 312-320-330.

    General Index:

      Support levels: 880-850-820. Resistance levels: 930-950-980.

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