GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,261.92 posting significant profits of 3.48%, in a turnover of €91.43mn.
The EU commission forecasts a recession of 3.7% of GDP in 2013 and return to growth by 0.6% in 2014 and 2.9% in 2015. The unemployment rate is estimated at 27.3% in 2013, 26% in 2014 and 24% in 2015.
The energy ministry said that the natural gas distributor DEPA has clinched a new gas supply deal with Gazprom, which includes a 15% price cut backdated to last July. The new agreement extends a current deal between the two companies by 10 years to 2026.
According to the German daily Die Welt, Germany is considering giving Greece more leeway to decide itself which reforms to take if it requires a third bailout package. The paper said that instead of listing more than 100 measures to take, international lenders could give the Greek government 20 goals to reach.
Corporate Impacts
- PPA: The Development Minister Mr. Kostis Hatzidakis said that the Greek port of Piraeus could become one of Europe’s top five container-shipping hubs as the government spurs logistics activities in a bid to start economic growth. In other news, Greece has completed work on terms for an invitation to investors to express interest in a 67% stake in Piraeus Port Authority and the terms will be presented to the Greek Parliament today.
- Greek Banks: The Governor Mr. Provopoulos will meet the troika delegation today to discuss the capital needs of Greek banks based on BlackRock’s stress tests. BoG is due to present at the end of this week or early next week the results of stress tests.
Technical
FTSE 25 March future:
- Support levels: 402-396-390. Resistance levels: 415-420-426.
General Index:
- Support levels: 1,240-1,220-1,200. Resistance levels: 1,280-1,305-1,320.
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