ECONOMY

Firm telecoms lead index back above 2,400 points

Solid gains in telecoms led Greek equities 2.11 percent higher yesterday, as the benchmark general index recaptured the 2,400-point mark, moving in line with positive performances on European bourses. «It was logical for a rebound to occur. At some stage, the market needs to stop sliding,» said Costas Theodoropoulos, fund manager at Allianz. The benchmark general index gained 2.11 percent to 2,406.80 points. The FTSE/ASE- 20 index of blue chips added 1.90 percent to 1,311.41 points. The FTSE/ASE-40 index of mid-caps advanced 2.33 percent, and small-caps increased 2.33 percent. Telecom stocks outperformed, gaining 2.73 percent. Mobile operator CosmOTE added 1.40 percent to 10.14 euros. After the close of trading, it reported a 201-percent increase year-on-year in consolidated net profit in 2001 to 174.2 million euros, in line with market expectations. Its parent OTE Telecom, which is expected to report 2001 results today, gained 3.18 percent to 17.52 euros. Banks rose 1.45 percent and index heavyweight National Bank gained 1.07 percent to 24.48 euros. Turnover was 105.13 million euros on volume of 19.1 million shares. (Reuters) Titan group 2001 earnings up