EUROCORP

Financial Morning News 25/02/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,219.43 posting losses of 2.44%, in a turnover of €63.18mn. The Greek government bonds rose yesterday, as Greece’s partners were said to be working on the next review of its bailout.

The government spokesman Mr. Simos Kedikoglou said that Greece is “very close” to an agreement with the troika. Note that the Greek government is hoping to achieve an agreement in principle by the March 10 Eurogroup and to secure the disbursement of €8.8bn in bailout loans by a meeting of eurozone finance ministers due to be held in Athens on April 1.

The primary surplus in the 2014 budget amounted to €835mn in January against a target of €955mn for that period. Reduced amounted to €4.41bn, down by €249mn from the target.

According to press reports, the State-asset sales fund targets 12 asset sales incl. Public Power Corporation, Hellenic Petroleum, Hellenic Post and Athens Water. Greece also plans to sell its stakes in Piraeus Port Authority and Thessaloniki Port Authority, while the sale stake in Athens International Airport is also planned.

Eurostat showed annual negative rates in Cyprus at -1.6% and in Greece at -1.4%.

Corporate Impacts

  • Greek Banks: According to the Financial Times, the IMF estimates the sector’s needs at €20bn, but BoG sources insisted that the capital requirements will range between €5bn and €6bn.
  • Technical

    FTSE 25 March future:

      Support levels: 390-384-378. Resistance levels: 402-410-418.

    General Index:

      Support levels: 1,200-1,190-1,175. Resistance levels: 1,240-1,260-1,280.

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