EUROCORP

Financial Morning News 31/01/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,155.81 posting profits of 2.62%, in a turnover of €88.17mn.

The Prime Minister Mr. Antonis Samaras said that Greece will report a budget surplus before interest payments of at least €1bn for 2013. Note that reporting a primary budget surplus for the year would make Greece eligible for further debt relief from its euro zone and IMF partners.

The Greek think tank IOBE said that the economy will pull out of recession and grow 0.6% this year. The unemployment rate would drop to 26% this year from an estimated 27.3% in 2013, helped by a rise in exports and stronger investment activity.

Corporate Impacts

  • OTE: The head of Deutsche Telekom Mr. Timotheus Hoettges met with the Prime Minister Mr. Antonis Samaras and the management of OTE and reportedly told them that Deutsche Telekom plans for the development of the OTE group in Greece with the realization of investments totaling €1.2bn in the next four years.
  • Technical

    FTSE 25 February future:

      Support levels: 376-370-364. Resistance levels: 386-392-398.

    General Index:

      Support levels: 1,140-1,120-1,095. Resistance levels: 1,170-1,190-1,230.

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