Market Comment

Positive expectations drove ASE up. The ASE Index rose 56.43 or 4.4% to 1,333.66. Volume at 107.34m euros. Most up stocks: Alpha Bank 3.52euros (+12.86%), Eurobank 3.42euros (+11.40%), MIG 0.70euros (+11.11%), BoC 2.29euros (+9.57%). Most down stocks ATE: 2.93euros (-24.87%).
10YR bond spread against German bunds 12.88 ppts. Euro U.S. $1.46

Gov
European Union and International Monetary Fund officials agreed to pay the next installment to Greece under last year’s EU110B bailout, paving the way for an upgraded aid package that includes a “voluntary” role for investors.
Relevant texts will be finalized in the coming days and will be submitted to Parliament

New Aid Proposal For Greece Almost Prepared /The new draft proposal by EWG, Eurogroup’s commission, provides an additional loan of €30-35b, revenues of €25b through privatizations and participation of private investors in rolling over of €20b debt maturing in 2012-2014, according to German diplomats. The promoting of a new aid program requires the launching of the medium-term program which will more or less be a new Memorandum of Understanding until 2014, while heavy pressure will be exerted to the country for the 2011 measures.

Corporate
Coca Cola 3E/Denied rumours it will be moving its headquarters from Greece
As of 10 June 2011 the shares of Coca-Cola Hellenic will be traded on the Athens Exchange with a nominal value of 1.50euros per share and without the right to receive the amount of the capital return [0.50 euros per share]. Payments will commence on 21 June 2011.

Agricultural Bank /trades ex rights

Greek banks/Moody’s downgraded eight Greek banks [NBG,EFG,Alpha, Piraeus Bank, ATE, Attica, Emporiki and Geniki]

Eurobank/ New nominal value at 2.81euros. New shares trading after the absorption of Dias [14.35m shares]

Economy
Data on Greek bank reliance on ECB liquidity

State revenues recorded a 10% reduction in May, although gross income (before tax refunds) increased marginally, as the dramatic increase of tax refunds resulted in the collapse of net revenues.


Beta Securities
Research Department


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