EUROCORP

Financial Morning News 12/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 605.75 posting losses of 2.56%, in a low turnover of €22.82mn.

The leaders of the three parties of the coalition government agreed to speed up the process by which Greece will ask its lenders for changes to the bailout. Mr. Kouvelis agreed with Mr. Venizelos’s position that an extension should form the basis of any discussion about any changes.

A Greek official said that Greece will not meet a goal of raising €3.2bn this year from state-asset sales, because the Hellenic Republic Asset Development Fund will only be able to complete two sales (the state lottery and the conference center IBC) in 2012. The pace of asset sales will be stepped up next year, with the fund set to complete 23 projects.

The Finnish minister Mr. Alexander Stubb said that Greece’s new government has made a positive first impression but now must push through difficult decisions to get its reform program back on track.

The official data released showed that the state budget deficit for the Jan-June period stood at €12.31bn vs. a target of €14.8bn, while the primary deficit came at €3.1bn vs. a target of €5.26bn.

Corporate releases

  • 07/12: PPC AGM
  • Corporate Impacts

    • Cypriot Companies: A consortium of companies (CyStream Consortium) has submitted a preliminary proposal to undertake the construction of an underwater pipeline that will transport natural gas from the Aphrodite field in Block 12 to shore.
    • EXAE: It plans to revise bourse indices as of December 3, by increasing the number of companies in the FTSE 20 index to 25 from 20 and changing the index’s name to FTSE/ATHEX Large Cap to improve liquidity.
    • Technical

      FTSE 20 September future:

        Support levels: 212-206-200. Resistance levels: 224-230-239.

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