ECONOMY

Telecoms outperform but turnover still lags

Greek stocks scored significant gains, shadowing foreign markets yesterday, but turnover remained at low levels. The Athens Stock Exchange (ASE) general index ended 1.15 percent higher, at 2,931.76 points, after reaching an intra-session high of 2,943. Telecoms outperformed among sectoral indices with a gain of 2.83 percent. OTE advanced 2.79 percent and its subsidiary CosmOTE surged 2.96 percent to 14.60 euros. Morgan Stanley upped its target price for CosmOTE to 15.30 euros. Banks were also perky. Alpha Bank, helped by unofficial projections of an impending breakthrough in their social insurance issue, gained 2.15 percent, Eurobank 2.05 percent and Emporiki 1.38 percent. The construction index climbed 2.70 percent. The blue chip FTSE/ASE 20 index was 1.24 percent higher, while the FTSE/ASE Mid-Cap 40 gained 0.89 percent and the FTSE/ASE Small-Cap 80 1.08 percent. Of the 337 stocks traded, 178 gained and 87 declined, while 72 share prices remained unchanged. Turnover fell to 147.74 million euros, including 15.2 million in block trades, of which 2.85 million for OPAP, while the most marketable securities were gaming firm OPAP, Alpha Bank, OTE and CosmOTE.