Buoyant OTE helps market rebound

Equities gained 0.73 percent yesterday, rebounding from the 1,700 support level, as index heavyweight OTE Telecom outperformed, tracking European peers higher. Brokers said OTE was also benefitting from Goldman Sachs’s recent upgrade to «outperform» from «in line.» «We saw a technical rebound after the market fell more than other European markets. There was relief that stocks held the 1,700 level,» said Dimitris Scapinakis, analyst at Marfin Bank. OTE rose 1.53 percent after adding more than 2 percent on Monday to end at 10.62 euros. The benchmark general index ended at 1,715.91 points. Blue chips gained 0.61 percent to 839.54 points. Mid-caps gained 0.43 percent, while small-caps rose 1.10 percent. Turnover was 74.10 million euros with 17.7 million shares changing hands. Advancers beat decliners 192 to 102, with 61 shares unchanged on 355 traded. (Reuters)