EUROCORP

Financial Morning News 24/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,249.96 posting marginal losses of 0.02%, in a turnover of €61.69mn.

The representatives of Greece’s international creditors begin their latest round of inspections and negotiations with the government in Athens today.

The German Finance Minister Mr. Wolfgang Schaeuble said that any fresh aid package for Greece would not include a further debt write-down.

Corporate Impacts

  • PPA: The Minister of Shipping and the Aegean Mr. Miltiades Varvitsiotis said that Greece has completed work on terms for an invitation to investors to express interest in a 67% stake in Piraeus Port Authority SA. The terms will be presented to the Greek Parliament in the coming days and the sales process can begin 52 days afterward.
  • Greek Banks: According to press reports, the four systemic banks are expected to need a total of about €5bn in extra capital, based on a second stress test by the central bank. The final sum will be announced this week, after the meetings with the troika. Note that Eurobank has already announced a €2.0-2.5bn rights issue, while the government will table a draft bill, after the announcement of the result of the stress tests.
  • Technical

    FTSE 25 March future:

      Support levels: 400-395-390. Resistance levels: 412-418-426.

    General Index:

      Support levels: 1,240-1,225-1,200. Resistance levels: 1,280-1,305-1,320.

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