ECONOMY

Positive valuations for banks, OTE boost index

Shares rose on the Athens Stock Exchange yesterday, thanks to positive foreign reports on OTE Telecom and bank stocks. The ASE general index closed at 2,344.36 points, a gain of 11.13 points or 0.48 percent. The FTSE/ASE-20 index of blue chips gained 0.77 percent, while mid- and small-caps declined 0.05 percent and 0.06 percent, respectively. OTE gained 1.28 percent to close at 11.10 euros. Among banks, Alpha rose 2.48 percent to close at 20.70 euros; Emporiki gained 1.91 percent to 18.18 euros and National gained 0.91 percent to close at 18.50 euros. Other blue-chip gainers were Titan (1.10 percent), OPAP (0.65 percent) and Public Power Corporation (0.41 percent). CSFB bank has upgraded OTE’s stock to «outperform» from «neutral» and has raised its target price to 13 euros from 12 previously. Another Swiss bank, UBS, said in a report that Greek bank stocks are the third most attractive among European bank stocks in terms of upward potential. It also set target prices of 28.40 euros for Alpha Bank shares, 24 for EFG Eurobank, 27.80 for Emporiki, 22.30 for National and 13 for Piraeus Bank. Of the 348 traded stocks 126 gained, 150 declined and 72 ended unchanged. Turnover rose to 95.46 million euros, including 12.99 million in prearranged trades.