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Market Comment
The third straight
day of ASE stock market gains brought the benchmark close to the 1,000-point
mark, as investors are pricing in expectations for a very positive result to
the European Central Bank’s stress tests on local banks, which are to
be announced this Sunday. The increased turnover points to an extensive move
to cancel out last week’s major losses.
General index ended
at 995.10 points, adding 5.64 percent to Monday’s closing of 941.93
points. Banks outperformed, with their index soaring 6.77 percent, as
statements from the sector pointed to a stress test outcome that will be more
than just manageable for lenders, which explains why almost 60 percent of
trading concerned bank stocks.
Piraeus Bank added 11.40 percent and Eurobank
grew 6.62 percent. Ellaktor jumped 8.47 percent. Turnover amounted to 158.7
million euros, up from Monday’s 91.4 million.
Domestic market
regained momentum and bounced back to the point the recent sell off started.
Despite the strong momentum we point out the impressive short term gains
across large caps which may tempt investors to lock some of their profits.
The tone of the day will be given from the banking sector while strong gains
in foreign markets may start today’s session to higher levels.
FTSE-25 stocks
three day returns
¢ In the Spotlight
Greece: Reportedly Greek
officials are trying to persuade creditors in the euro area to convert funds
originally earmarked for banks into a credit line to help the nation escape
its bailout program, according to two people familiar with the matter. The
Greek proposal would see a new financial tool combining unused funds from its
existing program with the profits that euro-area central banks made on their
Greek bonds portfolio, said the people, who asked not to be identified
because they are not authorized to speak publicly on the matter. That would
give Greek officials a backup plan should they struggle to sell bonds and
also allow them to avoid the conditions tied to existing facilities.
Greece/Central Govt Budget Deficit: 9M 2014
Greek central government budget deficit fell to EUR2.29bn from a deficit of
EUR2.66bn a year ago, way ahead vs EUR3.66bn budget target deficit.
Greece/Primary Surplus: January-September
2014 Greek primary surplus settled at EUR2.53bn compared with a primary
surplus of EUR2.63bn over the same period last year, coming much stronger vs
budget target surplus of EUR1.55bn.
¡
9M 2014 general government deficit reached
EUR2.26bn against a deficit of EUR2.66bn and a revised budget target deficit
of EUR3.66bn.
¡
Net budget revenues amounted to EUR37.28bn
in 9M 2014, 1.1% lower vs budget targets, regular budget net revenues totaled
EUR33.87bn, 1% below target.
¡
Jan-Sep 2014 tax revenues reached
EUR32.11bn, coming in 1.7% short of target
¡
Income tax revenues came 7.6% ahead of
target, VAT proceeds grew 1.8%, other transaction taxes exceeded target by
26.5%, with other non-tax revenues rising 19.5% y-o-y.
¡
Corporate tax revenues and property taxes
were 19.9% and 14.4% short of target.
¡
Public Investment Program revenues totaled
EUR3.41bn in 9M, missing target by EUR76m, while state budget spending
amounted EUR39.56bn.
¡ Regular
budget spending reached EUR35.91bn, EUR1.96bn short vs budget target,
dropping 7% y-o-y mostly due to a primary spending 5.7% reduction.
Greece/Tax Debts: Tax
debts to the Greek state hit a new record in September, reaching a total of
70.16 billion euros from 69.24 billion euros in August, the General
Secretariat for Public Revenues said on Tuesday. New debts in the
January-September period came to 9.68 billion euros, added to a total
shortfall of 60.48 billion dating from before 2013. in September alone,
taxpayers ran up debts of 923 million euros, the secretariat said. In the
nine-month period from January to September, the state managed to collect
2.69 billion euros in arrears, or 14.16 percent, missing the target set by
the troika for 2 billion euros in revenues from old debts by the end of the
year and the collection of 25 percent of all new debts.
Greece/Tourism: According
to SETE (Association of Greek Tourism Enterprises) tourism contribution to
Greek GDP should reach 20.5% (or EUR37.6bn), based on a 2.2 multiplier that
IOBE research estimated in 2012.
In other news leading European tour operator TUI will
bring some 2.2 million tourists to Greece next year, in addition to getting
the season off to an early start compared to other years and offering its
clients new, smaller Greek destinations.
Jumbo: As of today the
shares of the company are traded on the Athens Exchange ex-dividend, for the
fiscal year 2014, amounting to € 0.18 per share. The above dividend
amount is subject to the tax imposed on dividends according to the Law
4110/2013 (net amount: € 0.162 per share).
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