ECONOMY

Buoyant telecoms help index rebound by 1.87 pct

Bourse heavyweight OTE Telecom rode the wave of European optimism for telecom prospects yesterday, keeping the Athens bourse solidly in positive territory as investors rediscovered merit in telecom stocks. The Athens bourse added 1.87 percent to 2,247.57 points, with telecoms up 4.35 percent and OTE up 5.53 percent, to 17.18 euros. It’s a technical rebound after the Greek market lost more than 12 percent on the week (after the US attacks), said analyst Panayiotis Vergis at Telesis Securities. Investors are seeing that telecoms have one of the steadiest cash flows, particularly after the US attack, which looks to be improving sales of mobile phones, said one analyst in Athens. Banks gained 0.62 percent. Refinery Motor Oil, a new addition to the bourse’s FTSE/ASE-20 index of blue chips, gained 12.93 percent. The FTSE/ASE-40 index of mid-caps gained 1.09 percent to 227.87 points, while the small-caps index ticked up 1.52 percent to 667.33 points. Turnover totaled 178.14 million euros on 36.8 million shares traded. Winners beat losers 276 to 56 with 36 stocks unchanged on 368 traded. (Reuters) This is because other things will have to shrink. For example, cables will have to become much thinner, something which entails greater electrical resistance and less speed. My colleagues are highly optimistic, but I’m not, he added.