Stocks rally behind OTE Telecom rebound

Stocks inched higher yesterday in a mild technical rebound led by a 1.9 percent gain in OTE Telecom, recovering from a slump a day earlier to record lows. OTE closed at 8.56 euros, while the Athens benchmark general index gained 0.50 percent to 1,474.65 points. Analysts said continued volatility in global markets, due to concerns about the duration of the war in Iraq and its global economic fallout, kept investors jittery. Turnover slumped to 44.83 million euros from Monday’s 72.78 million, with 15.5 million shares changing hands. «Today’s session clearly is a technical reaction to the heavy selling yesterday in OTE. But OTE’s rise today is accompanied by much lower volume,» said head analyst Vassilis Vlastarakis at Contalexis Securities. Blue chips edged 0.16 percent higher and banks eased 0.36 percent. Mid-caps rose 0.67 percent, while small-caps gained 1.28 percent. Winners beat losers 220 to 80, with 59 shares unchanged on 359 traded. (Reuters)