ECONOMY

ASE rises in tune with foreign markets

Shares extended recent gains yesterday, advancing 0.49 percent as the benchmark general index tracked rallying European stock markets from a distance. «There was foreign buying and short covering in large-caps on the back of the stronger markets,» a trader said. The Athens bourse’s benchmark general index ended at 1,513.88 points. The market finished a volatile week 1.7 percent lower. «Investors were not convinced about the sustainability of the rebound. If it wasn’t for telecoms, the market would have ended in the red,» said Grigoris Karayiannopoulos, analyst at Cyprus Securities. «There was some quick profit-taking once the market reached higher levels,» he said. Blue chips firmed 0.25 percent to 734.79 points and mid-caps ended up 0.05 percent. Small-caps firmed 0.62 percent. Turnover was 68.70 million euros on 21.8 million shares changing hands. Winners beat losers 189 to 109 with 64 shares unchanged on 362 traded. (Reuters)