EUROCORP

Financial Morning News 12/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,360.37 posting profits of 1.62%, in a turnover of €122.22mn.

The central government posted a primary budget surplus, before interest payments of €2.1bn in the first two months of 2014 compared to a surplus of €487mn in the same period last year and a target of €1.047bn. The figure excludes the budgets of social security organisations and local administration.

The fresh data for the October-December period showed that GDP contracted by an annual rate of 2.3% in the last quarter of 2013, less than a previous flash estimate of a 2.6% contraction. Third-quarter data were revised to a drop of 3.2%, versus 3.0% before, while the second quarter contracted 4.0%, worse than the previous 3.7% estimate. The first quarter was also revised down to show a 6.0% decline, down from a 5.5% drop.

Corporate Impacts

  • PPA: The CEO of Russian Railways Mr. Vladimir Yakunin said that the company is interested in buying the Greek government’s stake in the port of Piraeus. Note that bids for the auction must be submitted until April 28. Russian Railways earlier expressed interest in buying local railroad operator TrainOSE, the Thessaloniki port and repair company Rosco.
  • Technical

    FTSE 25 March future:

      Support levels: 430-422-416. Resistance levels: 442-448-454.

    General Index:

      Support levels: 1,330-1,320-1,305. Resistance levels: 1,380-1,400-1,430.

    Disclaimer

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