EUROCORP

Financial Morning News 26/03/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 930.53 posting profits of 0.61%, in a turnover of €72.29mn.

Corporate Impacts

  • Piraeus Bank:The bank will absorb the branches, assets and portfolios of BoC, Laiki and Hellenic Bank in Greece after the agreement reached in Cyprus over the weekend. The branches will be recapitalized with €1.5bn before Piraeus absorbs them into its group. The deal is also pending the formal approval by the Greek and European regulatory authorities.
    • Cypriot Banks:The agreement between Cyprus and the troika foresees the closure of Cyprus Popular Bank and the restructuring of the BoC. Deposits above €100k in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki’s debts and recapitalize BoC through a deposit/equity conversion. In addition, the ECB confirmed yesterday that it will approve Emergency Liquidity Assistance (ELA) for Cypriot banks after the agreement. In the same time, the President of Russia Mr. Vladimir Putin ordered his government to negotiate the restructuring of a bailout loan it granted to Cyprus in 2011.
      • EYDAP:The company will recommend reducing the commodity’s rates by 1.5% to 2.5%.
      • Technical

        FTSE 25 June future:

          Support levels: 290-284-278. Resistance levels: 300-306-312.

        General Index:

          Support levels: 908-880-860. Resistance levels: 945-958-970.

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