EUROCORP

Financial Morning News 18/06/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 560.26 posting profits of 1.85%, in a turnover of €97.04mn.

The conservative New Democracy finished first with 29.66% of the vote, followed by the left-wing Syriza party with just over 26.89%. The Socialists (PASOK) came third with 12.28%. The right-wing Independent Greeks won 7.51%, the Golden Dawn won 6.92%, Democratic Left won 6.26% and the Communist Party won 4.50%. Since none of the parties won an outright majority, the Greek President Mr. Karolos Papoulias will now call on the leader of the first party to form a coalition government.

The leftist leader of SYRIZA Mr. Alexis Tsipras rejected to participate in a coalition government and he insisted that his party should remain in opposition. The leader of PASOK Mr. Evangelos Venizelos spoke of his preference for a government of “shared responsibility” and he suggested that he would like SYRIZA to join a unity administration as well. Democratic The Democratic Left leader Mr. Fotis Kouvelis interpreted Sunday’s result as one that calls for the formation of a coalition government.

EU leaders urged Greek parties yesterday to quickly agree the formation of a coalition government and pledged to continue to support Athens’ efforts to deal with its debt crisis.

The Belgium Deputy Prime Minister Didier Reynders said that Greece will face a worse situation if it exits the euro zone.

Corporate Impacts

  • Piraeus Bank: It signed a deal to sell its New York subsidiary, Marathon Bank to Investors Bancorp for $133mn in cash. The sale will boost its total capital adequacy ratio by about 22 basis points to 9.3%.
  • CCH: Moody’s downgraded to Baa1 from A3, while the outlook on the rating remains negative, as the current macroeconomic and consumer outlook across Europe will remain depressed in the coming quarters.
  • Technical

    FTSE 20 June future:

      Support levels: 204-196-190. Resistance levels: 220-232-240.

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