Panafon helps ASE register modest gain

Gains in cellular operator Vodafone Panafon and Commercial Bank kept stocks in positive terrain yesterday, offsetting a 1.6 percent dip in utility PPC. PPC, headed for a second share offering in less than a year, lost 22 cents to 13.06 euros. The bourse’s benchmark general index rose 0.75 percent to 1,872.77 points. «There’s some movement in the small- and mid-cap segment which is encouraging. PPC is lower but it’s to be expected; it will come under a bit of pressure with the imminent share supply,» said analyst Elias Lazaris at Artion Securities. Blue chips gained 1 percent, buoyed by a 2.53 percent advance in Panafon. «Panafon is showing it is concentrating on high-end users… It’s well-placed to take advantage of the next generation of mobile technology,» said Lazaris. Mid-caps rose 1.27 percent with small-caps gaining 1.48 percent. Turnover was 85.9 million euros on 23.5 million shares traded. Winners beat losers 242 to 76, with 41 shares unchanged on 359 traded. (Reuters)