EUROCORP

Financial Morning News 22/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 924.86 posting losses of 0.63%, in a turnover of €48.75mn.

The current account deficit narrowed 85% in January to €221.6mn, helped by falling imports. Tourism receipts dropped 4.3% to €130mn.

Corporate Impacts

  • Cypriot Banks:The head of the central bank Mr. Panicos Demetriades said that Cyprus will take measures to consolidate its banking sector. By establishing this legal framework, resolution measures will be imposed on Cyprus Popular Bank so that it will be in a position to continue to offer banking services to its clients next Tuesday, when banks are due to reopen, adding that the steps would protect deposits of up to €100k. In the same time, the political leaders agreed that their country should form an investment fund to raise the capital needed to agree a bailout with the eurozone and IMF and avert a collapse of its banking system. Meanwhile, the Finance Minister Mr. Michalis Sarris continued talks in Russia, with Cyprus hoping there would be Russian interest in Cypriot banks or in contributing to the investment fund being created.
  • Technical

    FTSE 25 June future:

      Support levels: 286-280-274. Resistance levels: 298-304-310.

    General Index:

      Support levels: 908-880-860. Resistance levels: 940-958-970.

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