EUROCORP

Financial Morning News 14/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,271.85 posting losses of 0.50%, in a turnover of €62.13mn, which is six-week low on the absence of any concrete developments on the fiscal or business fronts.

The unemployment rate rose to new heights in November of last year, reaching at 28% from a downwardly revised 27.7% in the previous month (ELSTAT).

Corporate Impacts

  • Hellenic Petroleum: It announced that it was planning to temporarily halt production at a flexicoker unit in its Elefsina refinery to repair a technical glitch. Note that Elefsina’s flexicoker has a production capacity of 20k barrels per day.
  • Greek Banks: According to press reports, private sector deposits at Greek banks posted a significant decline of more than €2bn in January compared with December 2013, due to the increased tax obligations of both households and enterprises.
  • Technical

    FTSE 25 February future:

      Support levels: 410-402-396. Resistance levels: 422-430-436.

    General Index:

      Support levels: 1,250-1,225-1,200. Resistance levels: 1,290-1,305-1,320.

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