The Greek stock market fell this week, with the ASE loosing 3.43% closing at 1690.93. Daily average turnover value was formed at € 96.91. The FTSE/ASE 20 Index closed lower 3.88% than last week, at 834.86. The FTSE/ASE 40 Index also fell 3.50% closing at 179.25. The FTSE/ASE 80 Index lost 3.95%, closing at 471.10.
The FTSE/ASE Index Advisory Committee proceeded with no changes (additions/removals) in FTSE20 Index. As far as the FTSE40 is concerned, Aegek, Altec and Elais will be replaced by Silver & Baryte, Teletypos and Sex Form. Finally, in the FTSE-80, Aegek, Themeliodomi, Uncle Stathis, Crete Constructions, Benroubi, Altec, Promota, Lantec, Byte, Vioter, Katselis, Etem, Daios Plastics, Betanet, Kleeman and Intracom Constructions substitute Silver & Baryte, Teletypos, Sex Form, Despec, Spirou, Vassilopoulos, Piraeus Leasing, Neorion Syrou, Autohellas, Dynamic Life, ASPIS Pronia, Euromedica, Alfa Alfa Holdings, Epilektos, Hel. Cables and Balkan Export. Following the MSCI Greece index review, the share of Babis Vovos was included to the MSCI Greece Small Cap Index, while the shares of Aegek, General Bank, Intralot, Athens Medical, National Real Estate and Altec were removed. The new MSCI Greece Small Cap Index will be effective as of June 2.
In economic news this week, domestic inflation rate in May is expected to reach 3.5% from 3.4% in April. The IMF also reported that the GDP rate in Greece for the period 2005-2008 is expected to reach 2.5% vs. 3.6% in 2003. In regards the to the current account deficit, the BoG publicized that in March, it widened Euro 256m to Euro 990m. Moreover, during January to March current account deficit widened Euro 624m to Euro 3.27bn. Excluding the impact of oil trade the current account deficit narrowed. Public debt exceeded the annual debt target by €2bn to €173bn. The sharp rise is attributed to loans drawn from the broader public sector in which the state is guarantor and has to cover, as well as increased budget deficit that surpassed government expectations.
The Euro reached $1.17 this week, hitting 4-year high levels. March’s industrial production in the Eurozone dropped 1.2% and 0.3% m-o- m and y-o-y respectively, below market, while the inflation rate in April settled at 2.1% vs. 2.4% in March estimates.
Themeliodomi S.A. undertook the construction, through self-financing, of two underground parking lots of a total capacity of 421 spaces, at the Kalamaria Municipality in Thessaloniki. The contract for the project, the budget of which amounts to 6,050,000 Euro, was signed today between the two parties. The duration of the contract is 26 years and the Kalamaria Municipality will receive as a return a 4.20% on the gross turnover.
The project is about two underground parking stations with ramps and self-service where the first has two floors, a capacity of 273 spaces and is located at the Kalamaria Municipality Square, and the second has three floors, a capacity of 148 spaces and is located at a plot between Mouroutzidon Street and Samara Street.
Delta Singular, the leading Greek IT group of companies, and Gulf Investment Corporation and announced this week the signing of an agreement between them to offer card processing services to banks and other financial institutions in the Gulf and other
countries in the region. The new company, to be called Delta Gulf Services, will be established in Dubai Internet City and will offer the full range of card issuing, acquiring and clearing services. Using the latest technologies, Delta Gulf Services will seamlessly interface with merchant and bank networks to provide total quality service levels to its
customers, while guaranteeing the security of the transactions for its end-users, the
Commercial Bank of Greece
In its financial results this week, Commercial Bank of Greece’s profit before tax and after minorities amounted to 34.45 million Euro in Q1 2003, up around 106% compared to the last quarter of 2002 and 4% compared to Q1 2002. The increase in profit was due to the significant improvement in core revenues and the improvement in the results of companies that are consolidated on the basis of the net equity method. The improvement in profits took place despite the fact that income from financial operations was significantly lower in the first quarter of 2003 compared to the first quarter of
A.G. Petzetakis S.A.
Petzetakis Group reported results this week for the 1st quarter 2003, indicating an increase in Turnover by 2.7% reaching euro 43.1 million attributed primarily to the increase in market share in Europe, Africa and the U.S., totally contributing 64% to the consolidated Turnover. More specifically, the South Africa market surpassed the Management expectations, with increase in Turnover by 25% compared to the corresponding period of 2002. Profits before tax for the period amounted to approximately euro 0.8 million, decreased due to deficiencies in extraordinary profits in 2002.
Cosmote, the leading provider of mobile tele-communication services in Greece, announced this week its consolidated financial results for the three months ended March 31, 2003, (US GAAP, un-audited). Group operating revenues for the period under review amounted to euro 297.1 mil, 12.8% higher compared to the revenues of the 2002 first quarter, offsetting to a large degree the significant tariff cuts effected within the recently introduced new tariff packages. Despite intense competition in both markets that the Company operates, the 80% y-o-y increase of M2M termination charges in Greece and the official introduction of M2M termination charges in Albania, COSMOTE’s group profitability was sustained at high levels.