EUROCORP

Financial Morning News 30/4/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 695.75 posting marginal losses of 0.13%, in a low turnover of €16.71mn. The sentiment is very difficult to change before the elections of May 6th and before the announcement of the recapitalization terms.

Economic Releases

      Today: Retail Sales (YoY) for February (prior: -8.5%)

    Corporate Impacts

      • Banks: The Cabinet meeting decided that the final decision on the terms of the recapitalization will be taken at a new Cabinet meeting this week or immediately after the May 6 general elections. They agreed to boost the four major banks (NBG, Alpha Bank, Eurobank and Piraeus Bank) with an initial injection of €18bn to provide them with the necessary capital to remain operational until final decisions are taken. The completion of the bank recapitalization process is likely by the end of the year instead of the end of September.
      • Cypriot Banks: Fitch said that that the interconnectedness of the Cypriot banking system and the Greek economy has made them vulnerable to developments in Greece and this will continue in 2012.
      • Marfin Popular Bank: According to Phileleftheros, the Cyprus Finance Minister Mr. Vassos Shiarly will ask for cabinet approval to support Cyprus Popular Bank in the event the lender is unable to raise capital through the markets. The bank may need as much as €2.5bn in state support to strengthen its capital adequacy level, while any state help would be provided under strict conditions that include a restructuring plan with branch closures, staff and salary reductions.
      • OTE: MSCI will announce the results of its index review on 15 May 2012 and changes will become effective after the close of business on 31 May 2012. It is highly possible for the stock to be deleted from the index, hence 11.5mn shares outflow.

    Technical

      • FTSE 20 June future: Support levels: 258-252-246. Resistance levels: 272-280-289.

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