Athens News Agency: News in English, 00-08-03

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Foreign Exchange Rates-Friday

[02] Weather Forecast-Friday

[03] Greece-ASE-measures

[04] Bank of Piraeus-1st half results

[05] Folli-Folli-1st half results

[06] General Foods SA-results

[07] ASE-close

[08] Greece-fuel prices

[01] Foreign Exchange Rates-Friday

Following are indicative foreign exchange rates released by the central bank for the next working day.

Fridays rates (buying)

Euro 334.413

U.S. dollar 369.123

German mark 170.983

[02] Weather Forecast-Friday

Sunny weather is expected throughout Greece on Friday. Winds will be northerly, light to strong, turning very strong in the Aegean.

[03] Greece-ASE-measures

Panagiotis Alexakis, the Athens Stock Exchange designated president, said the Greek bourse urgently needed a new strategy to promote a secure market with dynamic development and fully in line with other European markets.

Speaking to reporters on Thursday, Alexakis - who takes over as head of the ASE following the resignation of Spyros Kouniakis the previous week - said the Greek bourse needed to prepare itself ahead of its upgrade to a developed market by Morgan Stanley Capital International, with a marketing campaign to inform foreign investors of the opportunities offered by the Greek capital markets.

He also urged for a better training and information of domestic investors and announced the creation of a department offering support and costant and reliable information to the public.

Alexakis said its immediate plans included the promotion and development of a New Stock Exchange and new market indices. He also said the Greek bourse would pursue partnerships to attract members and investors through electronic networks and international partnerships.

He stressed the need for increased liquidity in the market, a precondition for the smooth operation of the market and useful to all listed enterprises, investors and the national economy.

[04] Bank of Piraeus-1st half results

Bank of Piraeus on Thursday announced that its group pre-tax profits rose 30 percent to 57 billion drachmas in the first half of 2000, while the bank's profits totalled 37 billion drachmas from 16 bln last year, for an increase of 130 percent.

Profits were higher compared with total profits of the three banks forming the group (Bank of Piraeus, Xiosbank, Macedonia-Thrace Bank), of 29 billion drachmas in the corresponding period in 1999.

The legal and operating merger of the three banks under the name Bank of Piraeus was completed in mid-June.

The bank's network totals 170 branches and has an 8.0 percent share in the domestic banking market. The Bank of Piraeus aims to expand its network to 190 branches by the end of the year.

[05] Folli-Folli-1st half results

Folli-Folli on Thursday announced a spectacular 140 percent jump in its first half sales to 8.1 billion drachmas, from 3.4 billion in the same period last year.

The company's pre-tax profits soared 110 percent to 2.0 billion drachmas from 960 million in 1999.

Domestic sales totalled 2.036 billion drachmas, up 52 percent from the first half last year, while sales abroad trippled to 6.085 billion drachmas, from 2.065 billion in 1999.

[06] General Foods SA-results

General Foods SA "Barba Stathis" on Thursday reported a 46.5 percent rise in its pre-tax profits for the first half of the year to 790 million drachmas, from 639 million the same period last year.

Sales rose 36 percent to 9.16 billion drachmas, from 6.74 bln in the first half of 1999.

Barba Stathis, a listed frozen foods company, reported a 32 percent rise in its pre-tax profits to 536 million drachmas in January-June period.

[07] ASE-close

Equity prices ended sharply lower on Thursday hit by a wave of selling by foreign investors on the Athens Stock Exchange.

Blue chip stocks were particularly hit pushing the general index near the 3,900 support level.

The index ended at 3,918.37 points, off 1.59 percent, with turnover at 110 billion drachmas inflated by block trades in Hellenic Technodomiki and General Warehouses as part of a partnership deal between National Bank of Greece and the construction company.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended at 2,175.99 points, down 1.90 percent, and the FTSE/ASE 40 index fell 1.30 percent to 550.23 points.

The parallel market index for smaller capitalisation stocks ended 2.06 percent lower at 776.89 points.

[08] Greece-fuel prices

Development Minister Nikos Christodoulakis on Thursday announced changes in the fuel pricing system from September 1, 2000.

Under the new system, refinery and indicative prices will be set on a daily basis and not on a weekly basis.

"Our aim is to improve competitiveness and efficiency in the domestic oil market and establish a more flexible system of setting prices," Christodoulakis told reporters.

In practical terms, the ministry wants to see that lower world oil prices are reflected in lower prices to consumers.

Development Deputy Minister Milena Apostolaki presented the results of a survey conducted last month in the domestic oil market.

The survey revealed that a majority of petrol stations in the Attica region were offering lower fuel prices to consumers, although a significant rate did not follow the rules.

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