ECONOMY

Shares rebound as buyers chase discounts

Shares moved back into positive territory yesterday, posting strong gains as investors picked up stocks beaten down by the recent market correction. «There was buying interest resulting in strong across-the-board gains. Upbeat markets in Europe and the US also bolstered sentiment,» said analyst Anthony Kouleimanis at Devletoglou Securities. The benchmark general share index advanced 2.02 percent to 2,052.86 points, outperforming major European bourses that were buoyed by rising bank, technology and insurance stocks. Banks tracked their European peers, turning in a strong performance and adding 1.94 percent. Bellwether National Bank rose 2.42 percent to 17.78 euros and Alpha Bank gained 1.24 percent to 17.96 euros. Fitch on Wednesday changed its outlook on Alpha to «stable» from «negative,» reflecting the improvement in its capital base. It followed an upgrade by Merrill Lynch earlier in the day. OTE Telecom added 2.34 percent to 9.64 euros, as investors cheered measures the group plans to take to stem its market-share loss in its fixed-line business. Turnover rose to 131.47 million euros, with 32.8 million shares changing hands. Winners led losers 325 to 22, with 16 ending unchanged. (Reuters)