EUROCORP

Financial Morning News 18/11/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,133.46 posting losses of 0.89%, in a turnover of €103.86mn.

The Deputy Prime Minister Mr. Evangelos Venizelos said that the distance between Greece and the troika is becoming smaller after holding talks with the Prime Minister Mr. Antonis Samaras yesterday. Mr. Samaras and Mr. Venizelos are preparing for a new round of discussions the troika. Meetings between troika inspectors and government officials are due to begin today. Mr. Venizelos added that Greece and the troika are bridging their differences over the projected size of the Greek fiscal gap for 2014.

According to BoG data, the apartment prices fell 9.6% in the third quarter from a year earlier, while apartment prices have plunged 31.6% since their peak in 2008, when Greece’s six-year recession began.

Corporate Impacts

  • NBG: The bank is close to sell a majority stake in its fully-owned real estate arm Pangaia to private equity firm Invel Real Estate. Invel will acquire about 66% of Pangaia for more than €600mn and the agreement will close in the next 10 days. The sale would strengthen National Bank’s Core Tier 1 capital adequacy ratio by 40 basis points to 9.6% (Reuters).
  • Technical

    FTSE 25 November future:

      Support levels: 370-364-358. Resistance levels: 382-390-400.

    General Index:

      Support levels: 1,120-1,110-1,100. Resistance levels: 1,150-1,165-1,180.

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