ECONOMY

Index rebounds but turnover precipitates

Yesterday’s rebound of Greek stocks was a technical reaction in response to other European markets, and was significantly aided by a strong performance of heavyweight OTE Telecom, analysts said. The general index of the Athens Stock Exchange (ASE) gained 15.68 points, or 0.70 percent, to close at 2,243.01 points. However, turnover sank to 48.43 million euros, the second lowest for the year, signifying a deterioration in already weak buying interest. This was mainly centered on banks, telecoms and non-metallic minerals. OTE was up 2.28 percent, sustaining the telecoms index with gains of 1.06 percent, and banks led all sectoral indices by advancing 1.30 percent. Eurobank advanced 1.78 percent, Alpha gained 1.31 percent and National was up 1.20 percent. Blue chips gained 0.94 percent, mid-caps 0.45 percent and small-caps 0.22 percent. Gainers outnumbered decliners 141 to 137, while 68 remained unchanged on 346 traded. Egnatia Securities said in its weekly report yesterday that the successful completion of the Olympic Games is likely to provide the catalyst for a more positive attitude by foreign institutionals, who control an estimated 32 percent of total blue chip capitalization, toward the Greek market.