Financial Morning News 20/03/2013


The General Index in Athens Stock Exchange (ASE) closed at 923.43 posting heavy losses of 3.85%, in a turnover of €71.75mn.


Greece sold €1.3bn of three-month T-Bills yesterday with a yield of 4.05%, unchanged from a previous February 12 auction. The sale’s bid-cover ratio was 1.66, down from 1.76 in the previous auction (PDMA).

Corporate Impacts

  • Cypriot Banks: The Cypriot Parliament rejected the proposal for a deposit tax, as there were 36 “no” votes and not a single “yes” vote in yesterday’s ballot as the 19 deputies of ruling Democratic Rally (DISY) abstained. In the same time, the Cyprus Central Bank Head Mr. Panicos Demetriades said that the Cypriot banks stand to lose more than 10% of their deposit base in days if a levy on bank deposits is imposed.
  • Greek Banks:The Finance Ministry, the BoG and the Hellenic Financial Stability Fund (HFSF) are waiting for the Cypriots to proceed with the completion of the sale of the Greece-based branches of BoC, Cyprus Popular Bank and Hellenic Bank.
  • Technical

    FTSE 25 June future:

      Support levels: 282-276-270. Resistance levels: 296-302-310.

    General Index:

      Support levels: 912-880-860. Resistance levels: 940-958-970.


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