|  9:41 π.μ. (Πριν από 1 ώρα) | | ||
| ||||
|
Market Comment
Greek
stocks ended sharply higher in the Athens Stock Exchange on Monday, extending
their rally for the third consecutive session. General Index posted another
four-and-a-half-month high yesterday as a late surge led by bank stocks took
it close to the 1,100-point level despite the open issues on the other side
of the Atlantic.
NBG
stock currently leads the rally on rumors of an imminent deal with Israeli
funds for selling 50% of its real estate subsidiary “Pangaia”.
The stock closed significantly higher (€3.90 vs €3.57 AthEx
close) in the New York exchange last night signaling for a positive opening
in today’s session. However we would see some profit taking near 1.100 levels
as short term gains may tempt investors to write down some of their returns.
In the Spotlight
Greece/PDMA: Greece
will auction 1 billion euros of six-month Treasury bills today.
|
Greece/Budget
2014: The
draft budget for 2014, tabled on Monday in Parliament, contains three positive
messages regarding the course of the country’s economy: An end to the
six-year recession, the consolidation of the primary surplus for 2013 to over
300 million euros and, crucially, plans for the country’s return to the
markets next year.
The first
draft, which has been forwarded to the country’s creditors for approval,
provides for 0.6 percent growth next year along with a reduction in
unemployment from the current level of over 27 percent to 26 percent.
The
primary surplus, meanwhile, is estimated to amount to some 344 million euros or
0.2 percent of gross domestic product this year, up from the 2013 budget
forecast for 0 percent, to climb to 2.84 billion euros or 1.6 percent of GDP in
2014.
Taxpayers
will be asked to pay an additional 2.16 billion euros in taxes next year.
Direct taxation will climb from 19.17 billion euros this year to 21.33 billion
in 2014, while indirect taxation is expected to stay the same as this year, at
24.5 billion euros despite the further decline expected in consumption. Primary
spending will be reduced next year by 2.77 billion euros, according to the
draft budget.
With Greek
debt dropping from 175.5 percent of GDP (321 billion euros) to 174.5 percent
(319.4 billion) next year, the government hopes to secure a positive reception
from markets, which it intends to return to in the latter half of 2014. Mr.
Staikouras stressed that neither the amount nor the conditions of new Greek
bonds have been decided yet, but added that the political decision to this end
has been made.
Greece/
Arrivals: According
to SETE, foreign tourist arrivals at Greek airports grew by 13% y-o-y in
September 2013, while arrivals in the 9-month period of the year posted a 10.2%
y-o-y increase reaching 11.4m. Foreign tourist arrivals at Athens International
Airport reached 2.127m in the period January-September 2013 (flat y-o-y).
NBG: National
Bank of Greece is just a step away from announcing a strategic agreement with a
major US-Israeli fund that could reach as much as 1 billion euros according to
press articles. The formal announcement is expected in the next few days, with
the deal providing for the transfer of more than 50 percent of National’s
property management subsidiary, Pangaia, to the US-Israeli fund, though the
Greek lender will retain the management and control of the company.
The aim of the NBG
management with this move is to raise its capital adequacy index to 10
percent, from 9.2 percent in the first half of the year.
The group’s
plans, after the successful completion of its recapitalization earlier this
year, also include the sale of Astir Palace hotel in Vouliagmeni, southern
Attica, (which is already in progress and has attracted significant investment
interest), of Ethniki Insurance, etc.
It will retain control of its Turkish
subsidiary, Finansbank, which accounts for over 70 percent of its operations
abroad, but will disengage itself from most other countries in Southeastern
Europe.
0 σχόλια:
Δημοσίευση σχολίου
Ο σχολιασμός επιτρέπεται μόνο σε εγγεγραμμένους χρήστες