ECONOMY

Market rebounds, but investors still cautious

Shares ended a three-day losing streak yesterday, returning to positive terrain in what traders said was a technical reaction after losses on Thursday sparked by bombings in Madrid. «The market opened lower due to losses across Europe but rebounded later. It seems to be a technical reaction but investors are still cautious,» said dealer Panayiotis Ladas at Kyklos Securities. The general share index closed 0.44 percent higher at 2,419.93 points. Mobile operator CosmOTE was a standout blue chip gainer, adding 2.36 percent to 13.02 euros. It has gained 21 percent since the start of the year. «There was buying interest in CosmOTE, with the stock at an attractive level after recent losses,» said Ladas. Traders said the recent correction in bank stocks could set the stage for a return to higher levels in the next two months. Bellwether National Bank shed 0.45 percent to 21.92 euros, as investors shrugged off reports the finance minister may put forward a new chairman as early as yesterday. Blue chips gained 0.32 percent, mid-caps were up 0.44 percent and small-caps added 0.63 percent. Turnover fell to 132.38 million euros, with 23.69 million shares changing hands. Winners outnumbered losers 169 to 101. (Reuters)