GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,194.78 posting marginal losses of 0.10%, in a turnover of €74.40mn.

The IMF managing director Ms. Christine Lagarde said that she would not pass judgment on whether or not debt relief is or is not needed or what form the European support will take and she added that lenders would have a clearer picture of the issue following the fifth review of Greece’s adjustment program, which is due to start in mid-September.

According to press reports, the meeting between troika and the Greek government officials in Paris at the beginning of September does not mean that representatives of Greece’s lenders will not then travel to Athens to carry out the fifth review of the country’s economic adjustment program. This meeting would focus on preparing the ground for troika inspectors to return to Athens to launch their review in mid-September.

Corporate Impacts

• Titan Cement: H1’14 results
• OPAP: The Greek Gaming Committee published in the government Gazette the relevant regulation for the operation of the 35k VLTs in Greece. Note that OPAP plans to install the first VLT machines in Greece this autumn.
• Hellenic Petroleum: The group in H1’14 recorded losses of €88mn vs. -€173mn, while sales reduced by 6% to €5.97bn. EBITDA amounted to €78mn vs. €35mn a year earlier.

Technical

FTSE 25 September future:

SupSupport levels: 378-372-366. Resistance levels: 390-400-408.

General Index:

Support levels: 1,182-1,175-1,140. Resistance levels: 1,220-1,230-1,250.

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