EUROCORP

Financial Morning News 23/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,202.27 posting profits of 0.45%, in a turnover of €148.91mn.

According to a European Commission report, Greece has made striking improvements in absorbing EU structural funds as it attempts to unlock sources of growth for its economy. Of the €20bn of EU funds available to Greece, 67.5% had been absorbed by the end of September, compared with 49% at the end of 2012.

At the same time, according to a research paper by the EC’s Directorate-General for Economic and Financial Affairs, Greece performed the largest fiscal adjustment in the eurozone between 2011 and 2013.

Greek consumer confidence rose marginally by 0.8 points from September to 58.5 percent, with the Current Economic Conditions Index showing a decrease of 3.6 points compared to the previous month and the Consumer Expectations Index an increase of roughly equal magnitude at 3.7 points.

The disposable income of Greek households shrank an additional €3.1bn in the second quarter of the year compared with the same three-month period in 2012. The state spending on social benefits declined to 29.4% of total spending in the second quarter of 2013 from 44.9% in the same period in 2012, while salaries shrank to 16.5% of total state spending from 24.1% last year (ELSTAT).

Technical

FTSE 25 November Future:

    Support levels: 392-386-380. Resistance levels: 408-412-418.

General Index:

    Support levels: 1,180-1,150-1,130. Resistance levels: 1,210-1,230-1,250.

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