EUROCORP

Financial Morning News 14/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,250.80 posting losses of 2.58%, in line with the drops recorded on most European markets, in a turnover of €147.71mn. It was the first time in two years that the main index posted seven days of losses in a row. Greek bond yields rose as investors booked profits on the rally that preceded Greece’s return to debt markets

On her second visit to Greec, the German Chancellor Ms. Angela Merkel pledged that the eurozone would discuss Greece’s debt sustainability later this year. She also referred to Greece’s return to international markets as a step in the right direction. Ms. Merkel also expressed satisfaction with Greece meeting its fiscal targets.

On his part, the Prime Minister Mr. Antonis Samaras insisted that Greece would not need a third bailout program and that it would keep up efforts to restore its economy.

The Central Bank Governor Mr. Giorgos Provopoulos stressed that a string of reforms must be implemented, while the country must move toward a new growth model. At the same time he underscored that it is becoming clear that Greece is emerging from the crisis.

Corporate Impacts

  • Eurobank Properties: EGM
  • NBG: The bank is due to table its draft plan to the central bank for approval tomorrow. According to press reports, the bank will proceed with a capital increase of €2bn, which would have a complementary role to the rest of its actions.
  • Technical

    FTSE 25 April future:

      Support levels: 398-392-388. Resistance levels: 414-422-430.

    General Index:

      Support levels: 1,240-1,218-1,202. Resistance levels: 1,280-1,305-1,318.

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