ECONOMY

Athens Stock Exchange (ASE) President…

Athens Stock Exchange (ASE) President Spyros Kapralos said yesterday public confidence in the stock market has improved markedly since he assumed the post a year ago. Reforms have included a new system of regulation, the application of new pricing methods in the derivatives market and the introduction of new products and services. Kapralos said he was in favor of the abolition of credit facilities to stock buyers for up to three days. He said the ASE expects an improvement in financial results for 2005, encouraged by above-target average daily turnover so far of around 206 million euros, up 17.2 percent from 2004. The bourse posted first-half group net profits after minorities of 13.1 million euros, down 9 percent year-on-year, affected by non-recurring financial income and weaker revenues from derivatives trading.