EUROCORP

Financial Morning News 13/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,359.81 posting marginal losses of 0.04%, in a turnover of €119.27mn.

The troika representatives are expected to resume talks with the Greek officials at the Ministry of Finance in Athens today. Both the troika and the government appeared keen for an agreement to be reached so that further rescue funding could be approved next month.

According to press reports, the Prime Minister Mr. Antonis Samaras is determined to distribute the bulk of a projected primary surplus to vulnerable social groups as promised, despite reports that the troika has shifted its stance on the matter, putting the government on a possible collision course with the foreign inspectors.

Corporate Impacts

  • NBG: According to press reports, the bank plans to tap the markets with a bond issue in order to cover its capital needs (€2.19bn).
  • Eurobank: The management of HFSF has reacted strongly against Eurobank’s decision to call an extraordinary general meeting of shareholders for a share capital increase based on the existing legal framework.
  • 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.

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