EUROCORP

Financial Morning News 19/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 960.42 posting losses of 0.81%, in a turnover of €134.36mn.

Corporate Impacts

  • Greek Banks: The three major banking groups, as well as the Hellenic Postbank are interested in acquiring the Greek branches of the Cypriot banks (BoC, Cyprus Popular Bank and Hellenic Bank).
  • Cypriot Banks:The Cypriot Parliament has postponed until today at 6 p.m. the debate on the bill for the bailout package that will include amendments in order to get the House’s vote after the Eurogoup’s decision, which deposits of more than 100k will be hit with a 9.9% charge, while under that threshold the levy drops to 6.75%. However, Eurozone finance ministers agreed yesterday night that Cyprus should be allowed to tweak a controversial bank deposit tax agreed early Saturday morning in Brussels as long as it still raises the arranged amount. Furthermore, Russia has made no decision yet on whether to extend the duration or ease the terms of a sovereign loan to Cyprus. Please note that Russian banks had about $12bn placed with Cypriot banks at the end of 2012.
  • OTE: Fitch affirmed its Long-Term Issuer Default Rating and its senior unsecured ratings at B-. These ratings have simultaneously been removed from Rating Watch Negative (RWN) and been assigned a Negative Outlook. The agency has simultaneously withdrawn all the ratings.
  • Technical

    FTSE 25 June future:

      Support levels: 302-295-290. Resistance levels: 314-320-328.

    General Index:

      Support levels: 930-910-880. Resistance levels: 985-992-1,003.

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