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Athens News Agency: News in English, 09-01-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greek bond market closing report
  • [02] Greek closed-end investment funds' discount -41.33 pct, report
  • [03] Greek stocks drop 5.47% on Wed.
  • [04] Hotels: 'stable' Oct-Nov period

  • [01] Greek bond market closing report

    News that Standard & Poor's has cut the credit rating of the country hit the Greek electronic secondary bond market, sending the yield spread to new record highs on Wednesday. The yield spread between the 10-year Greek and German state bonds widened to 248 basis points, with the Greek bond yielding 5.40 pct and the German Bund 2.92 pct. Turnover in the market totaled 545 million euros.

    In interbank markets, interest rates moved lower, with the 12-month Euribor rate at 2.70 pct, the six-month rate 2.63 pct, the three-month rate 2.57 pct and the one-month rate 2.27 pct.

    [02] Greek closed-end investment funds' discount -41.33 pct, report

    Greek-listed closed-end investment funds ended 2008 with an average weighed discount of -41.33 percent, while their assets totaled 236.6 million euros, official figures showed on Wednesday.

    A report by the Association of Institutional Investors noted, however, it was encouraging that in the last quarter of 2008, closed-end investment funds managed to improve their performance, with assets falling by only 1.6 pct in December.

    Average numerical return of the sector in 2008 was better compared with the composite index of the Athens Stock Exchange (-65.50 pct).

    [03] Greek stocks drop 5.47% on Wed.

    Greek stocks plunged at the Athens Stock Exchange on Wednesday, hit by a wave of negative domestic and international news. The composite index of the market fell 5.47 pct to end at 1,743.47 points, with turnover at 133.5 million euros, of which 3.5 million euros were block trades.

    All sectors moved lower, with the Financial Services (7.95 pct), Industrial Products (7.24 pct), Banks (6.24 pct), Telecommunications (5.92 pct), Raw Materials (5.84 pct) and Healthcare (5.73 pct).

    The FTSE 20 index fell 5.55 pct, the FTSE 40 index dropped 6.27 pct and the FTSE 80 index ended 2.63 pct lower. Broadly, decliners led advancers by 185 to 36 with another 32 issues unchanged.

    [04] Hotels: 'stable' Oct-Nov period

    The Greek tourism sector was stable during the October-November 2008 period, with hotels reporting higher occupancy rates and lower occupancy rates equally distributed, while most hotel enterprises reported higher turnover and employment levels in the same period.

    A survey published by the Institute for Touristic Research and Forecasts (ITEP), conducted among the country's 3,000 largest hotel enterprises, said that despite uncertainty prevailing over the future of tourism in the country, more than half of hotel enterprises said they had scheduled investments during the winter season.

    The survey showed that large hotels (more than 100 beds) performed better compared with medium-sized enterprises in the two-month period last year.

    Large hotels reported that average room stay was 6.5 nights, up from 4.4 nights for medium-sized hotels, while average room occupancy rate was 67 pct for medium-sized and 73 pct for large hotel enterprises.

    Caption: A file photo shows a view of central Syntagma Square in downtown Athens, across from Parliament, where a handful of Athens' best hotels are located. ANA-MPA / KATERINA MAVRONA.


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