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Athens Water, Eurobank, Geniki Bank, NBG: Greek Market Preview

Dec. 3 (Bloomberg) -- The following stocks may rise or fall in the Greek market today. Symbols are in parentheses after the company names and prices are from the previous close.

The benchmark ASE Index dropped 0.3, or less than 0.1 percent, to 1,474.05. The FTSE/ASE 20 Index of the country’s biggest companies fell 0.1 percent to 702.71, while the Cypriot General Index slipped less than 0.1 percent to 1,141.20.

Athens Water Supply & Sewage Co SA (EYDAP GA): Greece’s biggest water utility was downgraded to “Underweight” from “Neutral” at HSBC Holdings Plc which cited “lower revenue forecasts, payment of windfall taxes and higher provision for litigation risks and doubtful receivables.” Its target price was reduced to 3.60 euros from 6.3 euros. The stock gained 5.3 percent to 4.38 euros.

Geniki Bank (TGEN GA): A total 106.5 million new shares start trading in the Greek unit of France’s Societe Generale SA following a share capital increase carried out through a rights issue. The shares fell 8.6 percent to 1.8 euros.

National Bank of Greece SA (ETE GA): Greece had its ‘BB+’ long-term sovereign credit rating placed on CreditWatch with negative implications by Standard & Poor’s Ratings Services, which said it is assessing the credit implications of the proposed European Stability Mechanism that may govern EU sovereign bonds beginning in July 2013. Shares in Greece’s largest bank dropped 2.8 percent to 6.86 euros. EFG Eurobank Ergasias (EUROB GA) dropped 3.3 percent to 4.14 euros. Alpha Bank AE (ALPHA GA) fell 4.7 percent to 4.46 euros. Piraeus Bank SA (TPEIR GA) was unchanged at 3 euros.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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