ECONOMY

OTE rebound leads index 0.96 pct higher

Stocks rose 0.96 percent yesterday, ending a six-session slide, as index heavyweight OTE Telecom rebounded after steep losses this week. OTE, which had lost 22 percent this month on concerns about its foreign investments and earnings outlook, bounced 3.21 percent to 11.56 euros. The benchmark general index added 0.96 percent to 1,886.67 points but ended the week with losses of more than 4 percent. «The market was ready for a technical reaction and this was helped today by improved international equity sentiment,» said another broker. Blue chips on the FTSE/ASE-20 index rose 0.76 percent to 961.21 points, while banks firmed 0.58 percent. Mid-caps gained 0.56 percent, while small-caps rose 1.52 percent. Construction stocks outperformed, rising 2.01 percent. Turnover was 92.34 million euros on 20.6 million shares traded. Winners beat losers 229 to 88, while 44 shares were unchanged on 361 traded. (Reuters) The share buyback program sends a positive message to the market, said Theodore Ritsios, telecoms analyst at P&K Securities.