ECONOMY

Telecom strength limits overall decline

Telecom stocks gained ground again yesterday as investors rewarded the sector for its third-quarter earnings performance, helping to contain losses in the broader market as banks traded weaker. Telecoms gained 0.8 percent, bucking the trend on the Athens benchmark general index, which fell 0.40 percent to 1,872.83 points. On the week the general index gained about 14 points, or 0.75 percent. «There is positive momentum in OTE driven by the results and in Panafon driven by the Vodafone deal and its results. Telecoms are outperforming the market right now,» said Costas Theodorou, head analyst at National Securities. Blue chips lost 0.55 percent to 914.45 points while mid-caps fell 0.95 percent. Small-caps were flat. Turnover came to 453.21 million euros, bolstered by the Panafon deal, on volume of 89.2 million shares. Losers beat winners 181 to 125 with 58 shares unchanged on 364 traded. (Reuters)