EUROCORP

Financial Morning News 17/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 913.65 posting losses of 1.28%, in a turnover of €50.57mn.

The IMF said that the Greek economy will post a smaller-than-expected contraction this year (4.5%) and revert to growth in 2014 (0.6%). Growth will continue in the following years, climbing to 3.3% in 2018. The Greek fiscal deficit will come to 4.6% this year (compared to a 4.7% estimate the IMF had made in October) and drop to 3.4% in 2014.

Greece sold €1.625bn of three-month T-bills yesterday to roll over a previous issue, with a yield of 4.05%, unchanged from a previous March 19 auction. The sale’s bid-cover ratio was 1.65, down from 1.66 in the previous auction (PDMA).

Corporate Impacts

  • Alpha Bank: The shareholders approved yesterday a €4.57bn recapitalization plan, allowing it to go ahead.
  • Technical

    FTSE 25 June future:

      Support levels: 292-286-280. Resistance levels: 307-314-320.

    General Index:

      Support levels: 900-880-860. Resistance levels: 930-950-975.

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