ECONOMY

OTE joins PPC in leading a late rally

Stocks rose yesterday as heavyweight OTE Telecom bounced more than 2 percent, leading the broader market up from from the 1,800-point psychological support level. OTE closed at 10.66 euros, up 2.11 percent, while the Athens benchmark general index gained 0.68 percent to 1,815.52 points after dipping lower to 1,790.17 points. Utility PPC outperformed for a second day, advancing 1.52 percent 13.38 euros, bringing gains on the week so far to more than 7 percent. «PPC is one of the few blue chips which have risen after a share offering, as it’s favorably valued. The market will show its real trend on Thursday when the shares began trading,» said one fund manager. Blue chips gained 0.42 percent to 886.45 points. Mid-caps rose 1.08 percent and small-caps gained 0.93 percent. Turnover was 82.70 million euros, compared with 75.1 million euros a day earlier. Winners beat losers 235 to 84 with 39 shares unchanged on 358 traded. (Reuters)