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Tuesday, 26 November 2024
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Athens News Agency: News in English (AM), 99-08-11Athens News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr>NEWS IN ENGLISHATHENS, GREECE, 11/08/1999 (ANA)MAIN HEADLINES
NEWS IN DETAILNew record high for Athens bourse yesterdayEquity prices surged to new highs yesterday with the general index on the Athens Stock Exchange (ASE) surpassing the previous record closing of 4, 528.97 of July 22. Yesterday's closing marked the bourse's 35th record high this year. ASE ended at 4,585.26 points, up 1.62 per cent from Monday but off the day's highs. It now stands 67.50 per cent higher in the year. Medium capitalisation stocks, particularly in the construction sector, led the day's rally which was later expanded to blue chips stocks in the banks and industrial sectors. Turnover was a huge 323 billion drachmas. Hellenic Telecoms (OTE) and Duty Free Shops were the most heavily traded stocks. Market sources attributed the recent record rally of the market to its unusual, for the month, high liquidity coming from re-invested profits and capital inflows to the mutual funds market. Analysts said institutional investors have discounted the Greek markets' upgrading from an emerging to a mature market, a decision likely to be taken within the month. They also predict, however, a correction of the market setting the market's fluctuation limits between 4,420 and 4,680 points. Sector indices ended as follows: Banks (+1.55 pct), Leasing (+2.31 pct), Insurance (+0.96 pct), Investment (+2.48 pct), Construction (-4.05 pct), Industrials (+1.06 pct), Miscellaneous (+3.17 pct) and Holding (+2.00 pct). The parallel market index for smaller capitalisation stocks increased 0.50 percent while the FTSE/ASE 20 index for blue chips and heavy traded stocks rose 2.24 per cent to 2,575.64 points. Broadly, advancers led decliners by 157 to 131 with another six issues unchanged. A total of 26 stocks ended at the day's 8 per cent limit up, while another three ended at the day's limit down. Stock market authorities decided a temporary suspension in Alcar-Aemet share trading. National Bank of Greece ended at 21,300 drachmas, Alpha Credit Bank at 21, 500, Ergobank at 30,500, Commercial Bank at 32,100, Titan Cement at 30,450, Hellenic Petroleum at 2,850, Intracom at 23,000, Minoan Lines at 6,000, Panafon at 7,980 and Hellenic Telecoms at 6,739. Central bank reports decrease in trade deficit during February Greece's trade deficit fell to 1.123 billion euros in February from 1.147 in January, in contrast to a shortfall of 1.397 billion euros in February 1998, the Bank of Greece said in a report. The central bank said the current accounts balance showed a surp lus of 264 million euros in February compared with a deficit of 501.1 million euros in the previous month, reflecting increased capital inflows from the European Union and a shrinking trade deficit. The central bank attributed a fall in February's trade deficit to an improvement in the oil products balance. The central bank also said that its foreign exchange reserves fell to 19.99 billion euros in February, down from 21.46 billion in January, but sharply up from 13.80 billion in February 1998. Forex reserves rose to an estimated 21.20 billion euros at th e end of July. Mutual fund assets on the rise Total assets of the 190 mutual fund companies operating in Greece reached 10.772 trillion drachmas in value on August 9, showing an increase of 19.24 percent since the beginning of the year. Domestic equity fund assets, whose value amounted to 2.170 trillion drachmas, showed the largest increase, rising by 356 percent in the same period. Money market-based funds decreased in value by 4.20 percent, but still commanded more than half of all mutual fund assets at 5.693 trillion drachmas. Harmonised consumer price index at 3.3% Greece's harmonised consumer price index, used for international inflation comparisons, was running at 3.3 per cent last month on an annualised basis, the National Statistics Service (ESYE) announced yesterday. The harmonised consumer price index is us ed to better compare inflation trends and to evaluate the price stability criterion within EMU. The index differs from the national consumer price indices in that it excludes health services and most education services. The harmonised CPI for July 1998-July 1999 fell to 3.3 per cent against 3.6 per cent last month on an annualised basis for the period June 1998-June 1999, ESYE stated. 2:10 share exchange offer prior to Commercial Bank capital increase Commercial Bank yesterday announced that the period between Aug. 30 and Oct. 1 has been set for existing shareholders to exercise their rights in the state-owned bank's 129 billion-drachma capital increase. According to the announcement, shareholders who acquired shares before or on Aug. 13 are considered to have preferential rights to purchase three new shares for 10 old ones at 6,400 drachmas each, while yesterday the closing price for Commercial Bank at the Athens Stock Exchange reached 32,100 drachmas per share. The bank will issue a total of 20,185,797 shares, with a nominal value of 1, 650 per share; 19,579,797 will be sold to shareholders with preferred rights, while the rest will be allocated to bank employees and staff. Jump in short-term interest rates at securities auction Short-term interest rates jumped significantly during yesterday's regular state securities auction by the finance ministry, following a pattern in international markets where speculation of rising US interest rates pressured bond prices. The average weighed bond yield of six-month T-bills jumped to 9.88 per cent from 9.02 per cent in the previous auction of July 8. Primary dealers offered 75 billion drachmas in bids, two and a half times more than the asked sum. The finance ministry finally accepted binds totalling 31.5 billion drachmas. Mytilineos on press reports focusing on its Kosovo mines The Mytilineos group yesterday stressed in a press release that protection of its "lawful interests" by international peacekeeping forces in Kosovo "against unilateral actions is considered a given". The bourse-listed mining and metals group's response was triggered by an article in Athens daily "Kathimerini", which cited cooperation between the so-called "Kosovo Liberation Army" with NATO-led peacekeeping forces to challenge Greek investments in th e troubled Yugoslav province of Kosovo, including Mytilineos' lead and zinc mines in Trepca. According to the article, Mytilineos was already pushed out of the mines' management, provoking a protest by the Greek foreign ministry, which brought the seriousness of the entire matter to the attention of the area peacekeeping force's French commander. In any case, assurances have been given that the Greek foreign ministry will not tolerate any precedents that might encourage unilateral actions, the release said. Mytilineos added that contracts had been signed with the lawful owners of the Trepca mines in accordance with the laws of the Federal Republic of Yugoslavia. The company, in order to protect its interests in the area, has already started exercising its rights with the collateral in its possession, a process to be completed within the next few weeks when the Trepca mines will come under its ownership, the rel ease stated. Finally, the company stressed that, in any case, the contribution of the Trepca mines did not exceed 10 per cent of the group's business cycle, while the entire investment was insured with the Organisation for the Insurance of Export Credits (OAEP). NASA astronauts to monitor eclipse from aboard Greek cruiseship NASA scientists will send images of today's last solar eclipse of the millennium live over the Internet from aboard a Greek-flagged cruiseship sailing in the Black Sea. Northeastern Greece will feature the best visibility in the country, up to 95 per cent. The eclipse will take place between 12:40 p.m. and 3:34 p.m., while it will be at its height at 2:10 p.m. and will be visible throughout Greece albeit in lesser degrees, according to the national observatory. The last time Greece fell under the shadow of a total or near total solar eclipse was in 1936, while the next one is expected in 2006. Various local networks will provide coverage of the natural phenomenon from throughout Europe, with live feeds from Britain, France, Romania and the Black Sea region included. Some 250 astronomers will monitor the eclipse from aboard the "Olympic Princess", one of four Royal Olympic Cruise Ltd. vessels currently on cruises in the Black Sea. On board are NASA astronauts/scientists Scott Carpenter and Ronald Parise, who will comment on and send images of the eclipse via NASA satellites over the Internet at website www.eclipse99.nasa.gov Both men recently held a press conference aboard the Olympic Princess in Piraeus before it embarked on the cruise. Chinooks grounded pending inspections The military yesterday grounded the its nine Chinook helicopters after similar moves by the US and British airforces, pending a safety inspection by Boeing, a defence ministry announcement stated. According to reports, the US Army yesterday placed its 466 CH-47 Chinook helicopters temporarily out of service for safety checks after the discovery of a crack in the engine gear of a British CH-47 during a routine check, while the Royal Air Force anno unced yesterday it has also grounded its 31 Chinooks helicopters. The Hellenic Army has been using Chinooks mainly for emergency transportation and fire-fighting, and occasionally for the transport of dignitaries. Lynch, OA union leaders discuss issue of jobs New Olympic Airways managing director Rod Lynch yesterday met with the Federation of Civil Aviation Associations' (OSPA) leadership, where he stressed that all employees will continue retain their jobs. Mr. Lynch said the state-owned air carrier needs all its current employees, adding that the aim is for the airline to expand. The OA executive and OSPA leaders will meet again on Tuesday to discuss specific topics, such as the transfer of the company to the new airport at Spata as well as ground services. Olympic Aviation pilots vote to end work-to-rule action Olympic Aviation pilots yesterday decided to end work-to-rule action and extend a nine-day deadline to Olympic Airlines management for acceptance of their demands. On Monday, pilots' representatives met with new OA managing director Rod Lynch, calling for the existing development plan to be implemented, namely, procurement of new jets for domestic routes. They also warned of work stoppages and strikes if their demands are not met. DEH employees approve pact with government The board of the public power Corporation (DEH) employees' union last night approved by a majority of 20 to 11 the agreement reached with the government last week regarding the creation of an autonomous fund to cover their social security requirements. The agreement envisages that the state will provide 2.5 trillion drachmas to the new fund, and will continue subsidising it through the budget. The arrangement is considered as removing a stumbling block to the planned deregulation of the energy market , posed by the management of the employees' fund by the company itself. The fund has assets amounting to more than 3 trillion drachmas. WEATHERFine weather with further rising temperatures is forecast throughout the country today with few clouds developing in the afternoon hours in Western Greece. Winds mostly weak in the west, weak to moderate in the Aegean. Athens will be sunny and extremely hot, with temperatures ranging from 25- 40C. Same in Thessaloniki with few clouds developing in the afternoon and temperatures from 24-39C.FOREIGN EXCHANGEWednesday's rates (buying) U.S. dollar 301.469 Pound sterling 486.338 Japanese yen (100) 262.682 French franc 49.429 German mark 165.779 Italian lira (100) 16.745 Irish Punt 411.694 Belgian franc 8.038 Finnish mark 54.532 Dutch guilder 147.131 Danish kr. 43.565 Austrian sch. 23.563 Spanish peseta 1.948 Swedish kr. 36.708 Norwegian kr. 39.158 Swiss franc 202.353 Port. Escudo 1.617 Can. dollar 200.424 Aus. dollar 196.019 Cyprus pound 558.238 Euro 324.235(C.E.) Athens News Agency: News in English Directory - Previous Article - Next Article |
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