National Bank of Greece ADR (fka NBGGY)

[Victor6]

Greek market moves up

Athens Stock Exchange moves higher on Tuesday after yesterday’a approval of aid payment from Brussels. According to the analysts, more news to come from Hellenic Postbank sale may improve further investors psychology.

Greece will get its next EU-IMF bailout payment of €2.5bn on condition that it implements austerity measures including deeper spending cuts and public sector lay-offs within 10 days. Last night?s meeting of eurozone finance ministers agreed to pay the scheduled third quarter bailout instalment of €4.8bn but broke it down into three "disbursements" linked to reforms. The first payment of €2.5bn from the eurozone will be paid after July 19 on condition that of "full implementation of the prior actions", including legislation that is passing through the Greek parliament over the next week.

Good news regarding the approval of aid payment from Brussels and positive macros are set to open higher domestic market, Beta Securities said in a morning report. Recent gains though may trigger some profit taking while the soft turnover may limit the downside level. More news to come from Hellenic Postbank sale (announcement due the end of the week) may improve further investors psychology and give stronger incentives for action.

Eurobank Equities expects light volumes to exaggerate market moves in the coming days.

Piraeus Sec. says that the market will likely test higher levels today.

On the board the General Index moves 0.42% higher at 862.87.

Turnover stands at 12.20 million euros.


http://english.capital.gr/News.asp?id=1831729