EUROCORP

Financial Morning News 25/02/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,003.32 posting profits of 0.70%, in a turnover of €69.88mn.

The Finance Ministry said that the Euro Working Group decided for the disbursement of the €2.8bn tranche of rescue funding for Greece, as the chief prior action demanded for the approval of the February tranche was the updating of the revised Medium-Term Fiscal Strategy for 2013 to 2016 which was approved this week.

The troika is due in Greece today in order to review the government’s progress in implementing reforms promised in exchange for continued rescue loans.

The European Commission, in its winter economic forecast sees the Greek economy contracting by 4.4% in 2013 and unemployment rising to 27%, with the public deficit reaching at 4.6% of GDP. It also expects to see the Greek economy recover in 2014, when it is forecast to grow by 0.6%, while the public deficit is projected to drop to 3.5% of GDP. The current account deficit is expected to decrease from 7.7% of GDP in 2012 to 4.3% in 2013 and 3.3% in 2014.

Corporate Impacts

  • Cypriot Banks:The Conservative Mr. Nicos Anastasiades got 57.48% and elected President of the Republic of Cyprus, beating the leftist Mr. Stavros Malas who collected 42.52% of the vote. At the same time, the EU Economic and Monetary Affairs Commissioner Mr. Olli Rehn said that the EU needs to safeguard financial stability as it designs a rescue package for Cyprus and its banks, adding that the EC is not in favor of haircuts, referring to imposing losses on creditors. In other news, the banking system of Cyprus will need up to €9bn billion as part of an EU bailout to save the island from bankruptcy (CNA news).
  • Eurobank:After the acquisition of shares by NBG, the Eurobank shares will be deleted from the General Index on Wednesday.
  • Technical

    FTSE 25 March future:

      Support levels: 330-324-318. Resistance levels: 342-350-355.

    General Index:

      Support levels: 992-970-960. Resistance levels: 1,016-1,030-1,050.

    Disclaimer

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