ECONOMY

ASE rebound helped by positive European mood

Stocks rebounded yesterday on the Athens Stock Exchange (ASE), putting an end to a string of five losing sessions during which the main index lost 7.05 percent. Analysts attributed the reversal to a buoyant mood in other European markets and the fact that investors considered many stocks to be more fairly priced after the drop. The ASE composite share price index closed at 3,997.03 points, a gain of 90.50 points or 2.32 percent. During the session it briefly breached 4,000 points, peaking at 4,003.83. The FTSE/Athex 20 index of blue chips gained 2.36 percent to close at 2,216.14 points, while mid- and small-caps gained 2.96 percent and 3.34 percent respectively. The FTSE/Athex International index gained 2.46 percent, closing at 5,600.72 points. Three blue chips ended with losses, notably PPC (down 1.09 percent to 18.10 euros). By contrast, seven gained over 3 percent, including refiner Motor Oil (up 3.98 percent to 21.40 euros), betting company OPAP (3.83 percent to 32.50 euros) and technology holding company Intracom (3.77 percent to 5.50 euros). Out of 321 traded shares, 277 gained, 18 declined and 26 ended unchanged. Turnover reached 423.28 million euros, including 42.98 million in prearranged trades.