EUROCORP

Financial Morning News 15/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 968.29 posting losses of 0.50%, in a turnover of €82.33mn.

Troika said in a statement that Greece is making significant progress in reforms required to receive the next tranche of €2.8bn, but some issues remain. Troika would return to Greece in early April to continue their review. However, the next disbursement can be sent to Greece without the troika’s mission.

The unemployment rate for the fourth-quarter of 2012 was at 26% from 24.8% in the previous quarter and 20.7% a year earlier (ELSTAT).

Corporate Impacts

  • Folli Follie: The stock will be added to the FTSE AllCap index today.
  • OPAP, PPC, NBG, Alpha Bank and Eurobank: The shares will be deleted from the Developed Europe Mid-Caps index and they will be added to the Developed Europe Small Caps index today. The same stocks are also pulled out of the FTSE All World index.
  • Cypriot Banks: The shares will be deleted from the Developed Europe Small Caps index on March 18. In other news, the Finland’s Prime Minister Mr. Jyrki Katainen said that it is important for the IMF to play role in any Cyprus bailout. Please note that the European Union summit in Brussels will try to find a solution which makes it very clear that Cyprus will end up with debt sustainability.
  • Technical

    FTSE 25 June future:

      Support levels: 308-302-295. Resistance levels: 322-328-334.

    General Index:

      Support levels: 958-930-910. Resistance levels: 985-992-1,003.

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