ECONOMY

Telecom stocks lead slight index advance

Stocks advanced to a new year high yesterday with the benchmark index gaining 0.35 percent to 2,085.41 points and buyers zooming in on telecoms. Mobile operator CosmOTE set the pace. CosmOTE surged 5.05 percent to close at 10.40 euros with the telecoms index gaining 2.31 percent. «Investors made a beeline for telecoms stocks today. We believe major caps in the sector are undervalued,» said Yiannis Kalogerakis, managing director at Artion Securities. In a research note released early this week, UBS reiterated its «buy 1» ratings on CosmOTE and Panafon, saying their sales growth continued to outpace that of other European operators. It placed Stet Hellas’s rating under review. «These companies enjoy good earnings momentum and low competition,» the note said. Winners beat losers 208 to 121, with 41 stocks unchanged on 370 traded. Turnover rose to 761 million euros. (Reuters)