GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,195.68 posting profits of 1.26%, in a turnover of €108.32mn.
Moody’s upgraded Greece’s credit rating by two-notch upgrade from C to Caa3 with stable outlook. The rating upgrade reflects the country’s significant fiscal consolidation, improvement in its medium-term economic outlook and a significant reduction in the government’s interest burden.
The spokesman for European Economic Affairs Commissioner Olli Rehn Mr. Simon O’Connor said that troika officials do not have any intention of returning to Athens before the December 9 Eurogroup. The Greek side is now aiming to reach an agreement with the troika in the days after the meeting of eurozone finance ministers. There are several key issues such as the lifting of a moratorium on home foreclosures, voting a new property tax through Parliament, agreeing on measures to cover next year’s fiscal gap, removing restrictions on mass dismissals and finalizing a plan for the future of Hellenic Defense Systems (EAS).
According to press reports, Greece is hoping to make substantial progress in its efforts to conclude the latest review of its adjustment program in time for the Eurogroup meeting due to take place on December 18 and the EU leaders’ summit two days later.
- Piraeus Bank: The Bank posted a €3.2bn profit in the first nine months of the year, thanks to a one-off gain from taking over Cypriot bank units. The bank’s provisions for loans and other assets reached €1.68bn.
- Eurobank: The bank posted a €285mn loss in the third quarter compared to €223mn in the same period last year. hurt by provisions for nonperforming loans. The bank booked €1.26bn in bad loan provisions in the first nine months of the year, up slightly from €1.21bn in the same period last year.
- EYDAP: The company reported net profits of €74.8mn (+56.3%) due to deferred tax of €19.9mn and sales of €264.1mn (-1.7%) in 9M’13 results.
FTSE 25 November future:
- Support levels: 390-382-376. Resistance levels: 400-408-412.
- Support levels: 1,180-1,165-1,150. Resistance levels: 1,210-1,230-1,250.
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