OTE rebounds, leads index higher

Equities ended slightly higher yesterday, boosted by slight telecom gains, and OTE Telecom rebounded from record lows after taking a pounding recently. OTE, which had lost 13 percent in three sessions due to a combination of lower-than-expected 2002 earnings and concerns about its foreign investments, added 1.71 percent to 9.50 euros. «I think the market has overreacted on OTE at last week’s news about the mobile business in Romania. The stock is consolidating at attractive levels with a high dividend yield, a good credit rating,» said a broker at P&K Securities who declined to be named. The Athens benchmark general index firmed 0.20 percent to 1,567.63 points. Blue chips ended up 0.29 percent at 764.94 points. Mid-caps rose 0.19 percent and small-caps dropped 0.19 percent. Turnover was 47 million euros with 15.1 million shares changing hands. Losers beat winners 139 to 130 with 88 shares unchanged on 357 traded. (Reuters)

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