ECONOMY

Rebound fizzles for lack of trade volume

Shares ended flat yesterday, unable to follow a rebound in major European stock markets, with losses in index heavyweight OTE Telecom offsetting small gains in banks. The Athens bourse’s benchmark index ended the session near year lows at 2,036.26 points – 0.03 percent lower – as an early technical rebound after Monday’s 1.45-percent slide faded. Trading volume was thin at 46 million euros. «Bank stocks outperformed today after Monday’s selling pressure but volumes are too low to talk of a trend,» said analyst Dimitris Apistoulas at EFG Eurobank Securities. OTE Telecom ended off 1.17 percent at 13.46 euros, near its year low of 13.18 euros. Its market capitalization now stands at 6.86 billion euros. «There are concerns among institutionals on the returns on OTE’s foreign investments,» said analyst Manos Hatzidakis at Magna Trust Securities. Decliners led advancers 158 to 128, with 63 stocks unchanged on 349 traded. (Reuters)