EUROCORP

Financial Morning News 24/10/2013

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.

Greece’s public debt reached 169.1% of the country’s GDP in the second quarter of 2013 compared to 160.5% in the year’s first quarter. Please note that Greece showed the European Union’s highest debt to GDP (Eurostat).

Corporate Impacts

  • Piraeus Bank: Moody’s said that the bank has been at the forefront of consolidation in the Greek banking system, following the acquisition of six banks since July 2012. These takeovers have enhanced its local franchise, improved its capital base and liquidity, and will provide significant scope for synergy gains. However, Moody’s notes that the bank continues to face significant implementation and asset quality risks within the still highly stressed operating environment in Greece.
  • Technical

    FTSE 25 November Future:

      Support levels: 380-375-368. Resistance levels: 390-398-405.

    General Index:

      Support levels: 1,130-1,100-1,080. Resistance levels: 1,180-1,200-1,230.

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