ECONOMY

MSCI changes lift Intracom, bourse gains

Telecom equipment-maker Intracom sprinted 6 percent higher yesterday as investors shrugged off first-quarter results and focused on its increased weighting in Morgan Stanley’s Greece Index, effective Monday. Brokers said Intracom, new MSCI Greece Index constituent utility Public Power Corp. (PPC) and other constituents monopolized attention on the bourse yesterday. Intracom rose 6.02 percent to 9.86 euros, outperforming the broader market which added 1.52 percent. PPC added 2.79 percent to 14.72 euros. Intracom’s weighting in the MSCI Greece Index rose to 2.8 from 2.38 percent. The Athens bourse’s benchmark general index gained 1.52 percent to 2,297.56 points. On the week, it fell 1.37 percent or 32 points. The bourse’s FTSE/ASE-20 blue chip index gained 1.47 percent to 1,218.12 points while banks gained 1.13 percent. Turnover was 150.31 million euros on volume of 27 million shares. Winners beat losers 294 to 43, and 26 shares were unchanged on 363 traded. (Reuters) Merger cemented