EUROCORP

Financial Morning News 29/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,190.52 posting profits of 1.37%, in a turnover of €94.26mn.

The troika’s technical teams will resume inspections in Greece today while the chiefs will be back within a week, most likely on November 4. Ahead of that, ministry officials will have to implement some of the prior actions demanded by the troika for the next tranche of €1bn.

In addition to this, the Finance Minister Mr. Yannis Stournaras said that the government would seek an additional €500mn in budget cuts for next year from the country’s social security funds compared to the €2.5bn reportedly being demanded by troika mission chiefs.

The Russian Foreign Minister Mr. Sergey Lavrov begins a two-day visit to Greece and he will meet with the President Mr. Karolos Papoulias, the Prime Minister Mr. Antonis Samaras and the Foreign Minister Mr. Evangelos Venizelos.

Corporate Impacts

  • Greek Banks: The deposits of businesses and households fell 0.5% in September from the previous month to €161.35bn, bringing total net outflows since June to €1.79bn. At the same time, the credit to the private sector shrank 3.9% r, the pace of contraction unchanged from August (BoG). In other news, according to press reports, the current environment it will be very difficult to find buyers for subsidiaries of Greek lenders in the broader Balkan region.
  • Technical

    FTSE 25 November future:

      Support levels: 390-385-380. Resistance levels: 400-408-412.

    General Index:

      Support levels: 1,180-1,150-1,130. Resistance levels: 1,200-1,230-1,250.

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