EUROCORP

Financial Morning News 7/10/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,067.87 posting significant profits of 3.35%, in a turnover of €128.67mn, as S&P’s retained Greece’s credit rating at B-, with stable outlook.

The Prime Minister Mr. Antonis Samaras will be to Jerusalem tomorrow to take in a high-level Greek-Israeli ministerial council. During his visit, Mr. Samaras will also hold talks with Israeli President Mr. Simon Peres.

According to press reports, troika appear to be more flexible toward the government’s proposal concerning the restructuring of the Hellenic Vehicle Industry (ELVO) and Larco mining company, but there is still quite a distance between the positions of the two sides on Hellenic Defense Systems (EAS). Plase note that Larco will be sold through two parallel tenders in consecutive auctions, while ELVO will be restructured while operating and retain limited activity exclusively for the maintenance of the vehicles of the armed forces.

Corporate Impacts

  • Greek Banks: Fitch upgraded the Viability Ratings (VR) of Greek banks to ‘b’.
  • Technical

    FTSE 25 October future:

      Support levels: 348-340-335. Resistance levels: 362-370-378.

    General Index:

      Support levels: 1,050- 1,030-1,010. Resistance levels: 1,080-1,100-1,110.

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