EUROCORP

Financial Morning News 21/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 884.02 posting heavy losses of 3.66%, in line with most continental stock markets, on another tense day in terms of domestic politics, in a turnover of €41.94mn.

The stability of the coalition remained in the balance as the third meeting between the Prime Minister Mr. Antonis Samaras and his coalition partners, PASOK leader Mr. Evangelos Venizelos and Mr. Fotis Kouvelis of Democratic Left failed to yield a compromise on the closure of the state broadcaster ERT, with Mr. Kouvelis indicating that he might withdraw from the government. Mr. Samaras declared that his government would continue on its way toward reforms, with or without the support of the Democratic Left which today is expected to announce its secession from the coalition government.

The head of the Eurogroup Mr. Jeroen Dijsselbloem said that Greece’s emergency funding will not fall short calling on the Greek government to work to allow creditors to complete their latest review and disburse the next tranche of aid. In addition to this, the IMF spokesman Mr. Gerry Rice said that the IMF sees no financing problems with Greece as long as a review of its loan program is concluded by the end of July.

The Greek state asset sales fund said that it accepts the improved bid from Socar for purchase of 66% of gas-grid operator Desfa, but It gave no financial details of bid. Greece said that it was satisfied with an improved offer for Desfa and it would now proceed with all the “necessary procedures” to close the deal “as soon as possible.

The state budget deficit amounted to €3.84bn in January – May vs. a deficit of €10.87bn in the same period last year and a target for €7.06bn this year to May.

Corporate Impacts

  • MSCI: According to press reports, NBG, ΟΤΕ, OPAP, Alpha Bank, PPC, Jumbo, Hellenic Petroleum and Folli Follie will be included in MSCI Emerging Europe. The changes will be effective from the end of November 2013.
  • NBG: The stock will be deleted from Stoxx 600.
  • Technical

    FTSE 25 September future:

      Support levels: 290-284-276. Resistance levels: 310-318-325.

    General Index:

      Support levels: 864-845-810. Resistance levels: 910-935-950.

    Disclaimer

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