EUROCORP

Financial Morning News 22/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 836.98 posting losses of 1.18%, in a turnover of €53.27mn.

The US Treasury Secretary Mr. Lew, after his meeting with the Prime Minister Mr. Antonis Samaras said that the US recognizes the difficult choices and sacrifices Greece has made and urged the country to continue with reforms. His visit to Greece comes ahead of a meeting between Mr. Samaras and the US President Mr. Barack Obama in Washington on August 8.

The German Chancellor Ms. Angela Merkel rejected a second Greek debt write-down, as it can lead to such massive insecurity among investors into the euro region.

The New Orders Index in Industry fell by 13.4% in May vs. a decline of 5.2% a year earlier. In addition, the Turnover Index in Industry increased by 2% in May vs. a decline of 3.8% a year earlier (ELSTAT).

Corporate Impacts

  • OPAP: The consortium’s majority shareholder of Emma Delta Mr. Jiri Smejc said that any decisions of the privatization fund will not put the privatization of OPAP at risk (Financial Times).
  • PPC: S&P’s upgraded the rating of the company to ΄CCC΄ from ΄CC΄, with negative outlook. In other news, the company will distribute net dividend of 0.01875 per share today.
  • Alpha Bank: The bank announced that that it will be selling its Ukrainian subsidiary, JSC Astra Bank, to the Ukrainian group Delta Bank for €82mn.
  • Technical

    FTSE 25 September future:
    Support levels: 280-276-270. Resistance levels: 292-300-308.

General Index:

    Support levels: 830-820-806. Resistance levels: 870-884-911.

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