ECONOMY

Technical rebound for telecoms offsets slump

Shares ended slightly positive on technical factors yesterday, led by the rise in telecom stocks which offset the drop in banking shares, traders said. «The market was virtually unchanged today, it looks like a technical rebound from yesterday’s fall,» said analyst Vassilis Vlastarakis at Contalexis Financial Securities. «Investors have digested quarterly results from banks and are now looking toward OTE, which will report next week,» he added. The benchmark general share index closed 0.15 percent up at 2,435.33 points. National Bank shed 0.86 percent to 25.46 euros, a day before the stock goes ex-dividend. Eurobank was another loser, retreating 0.81 percent to 17.16 euros as 900,000 new shares started trading at an adjusted starting price of 17.30 euros per share yesterday following the recent share capital increase through a bonus issue. Mobile operator CosmOTE gained 2.11 percent to 13.54 euros, with traders saying the stock’s recent losses had attracted buying interest. Parent OTE added 0.91 percent to 11.10 euros. Blue chips and small-caps finished flat but mid-caps nosed down 0.09 percent. Turnover fell to 119.73 million euros, with 17.8 million shares changing hands. Decliners led advancers 152 to 125. (Reuters)