Daily Report 20-08-2013

Manos Chatzidakis	9:18 π.μ. (Πριν από 27 λεπτά)

Market Comment

Greek equities extended losses yesterday in thin volumes. The General Index declined 2.95% with trading volume at 39 million euros (average volume of last week was 60 million euros.) The banking index lost 5.28% with National Bank (-6.03%) being the major underperformer. Besides banks, the pressure spread across the board as the vast majority of FTSE 25 components closed in negative territory. Exceptions were Jumbo and Titan up 0.23% and flat respectively. For today’s session we expect the market to consolidate at current levels after four consecutive trading days in negative territory as fresh news flow remains limited.

          In the Spotlight

Tourism: Tourism receipts rose 21% y-o-y to 1.59 billion euros in June, the first month of the summer while the total tourism receipts in the first half of the year reached 3.32 billion euros, up 18% compared with the same period last year,

according to Bank of Greece. The local tourism industry is currently forecasting a 10% rise in tourism receipts for the full year to 11 billion euros from a record 17 million visitors.

Budget execution: According to Bank of Greece, Greece's current account surplus widened in June, helped by a smaller trade gap and surging tourism receipts. Specifically, the current account balance showed a surplus of 663 million euros from 73.1 million euros in the same month last year.

New Orders Index in Industry: The New Orders Index in Industry (both domestic and non-domestic market) in June 2013 compared with June 2012 recorded a decline of 10.4%. In June 2012, the annual rate of change of the New Orders Index in Industry was down 5.0%. The average New Orders Index in Industry for the 12-month period from July 2012 to June 2013, compared with the 12-month period from July 2011 to June 2012, decreased by 7.0%.

Turnover Index in Industry: The Turnover Index in Industry (both domestic and non-domestic market) in June 2013 compared with June 2012 recorded a decline of 5.0%. In June 2012, the annual rate of change of the Turnover Index in Industry was 0.6%. The average Turnover Index in Industry for the 12-month period from July 2012 to June 2013, as compared to the 12-month period from July 2011 to June 2012, decreased by 1.8%. In June 2012, the corresponding average rate of change of the Turnover Index in Industry was 4.6%.

National Bank: The bank announced that will release Q2/H1 financial results on 29^th August at 17:30 (Athens time) while will hold conference call at 18:00 (Athens time).   

HRADF: Greek state asset sales fund invites international investors to bid for 100% of Rosco, rail rolling stock maintenance co. No pricing details were provided.

Kri-Kri: Kri-Kri Milk Industry, a Greece- based maker of yogurt and ice cream, announces agreement with British supermarket chain Waitrose to produce private-label yogurt. U.K. Greek yogurt market estimated at 200 million euros. The company will increase investment on yogurt production to 8 million euros from 5 million euros which had planned for the summer of 2014.

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR - 11473

Athens, Greece