ECONOMY

ASE rises, follows European bourses

Equities rallied 3.34 percent yesterday, recapturing the 1,500-point mark, as the market played catch-up with advancing European bourses. Construction stocks and telecoms outperformed. Index heavyweight OTE Telecom added 4.74 percent to 9.72 euros, while cellular operator Panafon gained 4.0 percent to 5.20 euros. The benchmark index ended at 1,538.15 points. «After gains in the last two sessions in Europe, we followed with a time lag. The market rebounded from oversold levels,» said Vassilis Vlastarakis, analyst at Contalexis Securities. Technically, it was the first time this month the index moved out of oversold territory based on the 14-day relative strength index (RSI). Mid-caps ended up 4.36 percent. Small-caps jumped 5.63 percent. Turnover improved to 81.15 million euros, with 29.7 million shares changing hands. Winners beat losers 337 to 14, with 16 shares unchanged on 367 traded. (Reuters)