Wednesday,, 02 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
ASE gained 7.15% yesterday as heavyweight Greek banking shares were up 9.9%
with EFG (+13.25%) and NBG (+9.59%) among the top gainers. ATEBank
jumped 15.43% at 1.87 euro, followed by Titan (+14.71%), MPB (+14.04%).
Trading volume stood at €302.3m.

Greek Macro
Greece's total credit expansion slowed to a 6.5 percent annual pace in October
from 7.8 percent in September. Credit extended to business and households
slowed to an annual 4.4 percent clip from 5.4 percent in the previous month.
KEY FIGURES (in pct y/y) OCTOBER SEPTEMBER AUGUST
Total credit +6.5 +7.8 +9.4
Credit to public sector +18.9 +21.6 +28.8
Credit to business, households +4.4 +5.4 +6.0
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CUMULATIVE CHANGE M/M* CHANGE Y/Y
(euros bln) (%)
Total credit 13.436 +6.5
Credit to government 5.637 +18.9
Credit to business, households 7.799 +4.4
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OUTSTANDING BALANCE CHANGE Y/Y
(euros bln) (%)
Total (business & households) 251.578 +4.4
Total credit to businesses 132.633 +5.4
Total household credit 118.945 +3.3
Mortgages 79.670 +4.0
Consumer credit 36.329 +2.4

Corporate
ETE GA / The bank, said on Tuesday it was right to increase its holdings of Greek
government bonds by 1.8 billion euros since early November. National said it has a
total 18 billion euros of Greek government bonds in its portfolio. The spread of
Greek bonds to German bunds narrowed to 172 basis points on Tuesday from 217
on Friday.

World Economy
EU
Purchasing Manager Index Manufacturing (Nov) at 51.2 (consensus: 51.0
previous: 50.7)
Unemployment Rate (Oct) at 9.8% in line with estimates (previous: 9.7%)
United States
ISM Manufacturing (Nov) at 53.6 (consensus: 54.9 previous 55.7)
Pending Home Sales (MoM) (Oct) at 3.7% (consensus: -0.6%, previous: 6.1%

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