ECONOMY

Rebound in sentiment after Q1 results reports

The Athens Stock Exchange (ASE) saw a strong rekindling of trading interest yesterday, reflected in an approximately 70 percent rise in turnover from Tuesday, after the announcement of first-quarter results by Hellenic Petroleum and mobile operator CosmOTE, which gained 3.52 and 1.42 percent respectively. Analysts said the market seemed to be pricing in expected developments on the privatization front, the banks’ pension fund issue and good profit performances for 2005. The general index added 0.64 percent to reach 2,921.96 points. Gaming firm OPAP and construction firm Hellenic Technodomiki surged 3.31 and 3.05 percent respectively, while Emporiki Bank advanced 1.70 percent and OTE, due to announce results today, gained 1.15 percent. Among FTSE indices, blue chips advanced 0.55 percent to 1,628.96 points, mid-caps added 0.88 percent, and small-caps rose 0.06 percent. All but four of the 18 sectoral indices finished higher, led by refineries with 2.17 percent. Winners outnumbered decliners 143 to 106, while 77 share prices remained unchanged on 326 traded. Turnover resurged to 161.57 million euros, of which 40 million was accounted for by the four securities with the largest turnover: OTE, OPAP, Alpha Bank and Public Power Corporation.