Athens News Agency: News in English, 01-10-26

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

CONTENTS

[01] Foreign Exchange Rates - Monday

[02] Schroder: Greek PM's mandate reduces political risk, aids bourse

[03] Industrialists say time is ripe for social insurance talks

[04] Weather Forecast: Rainy on Saturday

[05] Greek stocks end week moderately higher

[06] Most ferry routes halted due to rough seas

[01] Foreign Exchange Rates - Monday

Indicative tourist buying rates until Monday

U.S. dollar 379.327

German mark 172.829

French franc 051.531

Pound sterling 542.224

Irish punt 429.202

Belgian franc 008.379

Luxembourg franc 008.379

Dutch guilder 153.389

Italian lira (100) 017.457

Austrian schilling 024.565

Danish kroner 045.455

Swedish kroner 035.839

Finnish mark 056.852

Spanish peseta 002.032

Portuguese escudo 001.686

Japanese yen (100) 309.407

Swiss franc 229.229

Norwegian kroner 042.505

Cyprus pound 588.738

Canadian dollar 240.983

Australian dollar 190.256

[02] Schroder: Greek PM's mandate reduces political risk, aids bourse

Prime Minister Costas Simitis emerged stronger from a ruling party congress, which has reduced political risk and may help to act as a catalyst for the Athens Stock Exchange to rise again, Schroder Salomon Smith Barney (SSSB) said on Friday.

"The prime minister won a clear mandate for his continued leadership of the party, successfully challenging the anti-reformists. This removes the internal political risk that has added to pressure and volatility in the stock market since mid-summer," SSSB analyst Miranda Xafa said in a market report.

The Athens bourse has gained 6.0 percent since the ruling PASOK party congress ended on October 14, strengthening Simitis' position on implementing structural reform to the economy.

"The real issue is whether the highly regarded new finance minister (Nikos Christodoulakis) will get a strong mandate to accelerate reforms and privatisation, providing sustainable catalysts to the equity market," Xafa said.

The prime minister had brought the party congress forward to the middle of October from spring 2002, when it was originally scheduled.

At the same time, a sharp 30 percent decline in the bourse since the start of the year has created stock bargains, Xafa said.

"We now have a positive fundamental view on most stocks in our large-cap universe."

SSSB's top picks are Hellenic Telecommunications Organisation (outperform, medium risk) and Coca-Cola HBC (buy, medium risk).

SSSB is a member of Citigroup, the world's largest financial and banking corporation.

[03] Industrialists say time is ripe for social insurance talks

The Association of Greek Industry (SEB) said on Friday that the climate was favourable for a resumption of talks on reform of the social insurance system as the social partners had narrowed the distance between their demands.

SEB president Lefteris Antonakopoulos was speaking to reporters after a meeting with newly appointed National Economy and Finance Minister Nikos Christodoulakis.

Also discussed at the meeting were an acceleration of projects part-funded by the European Union's Third Community Support Framework package, and the simplification of administrative and tax measures.

The moves are part of a wide-ranging drive launched by former development minister Christodoulakis to boost competitiveness and growth in the economy, which, in turn, would help to attract foreign investments.

[04] Weather Forecast: Rainy on Saturday

Showers are forecast in most parts of the country on Saturday, with snow on high ground on the mainland and storms in the south. The northeast will be cloudy. The weather will improve from the west, covering the entire mainland by evening. Winds variable, moderate to very strong, turning gale force in the Aegean. In the north, temperatures will range from 6C to 15C; in the west from 9C to 20C; and in the rest of the country from 12C to 18C. Showers in Athens, with temperatures between 13C and 17C. Same in Thessaloniki, with temperatures from 9C to 13C.

[05] Greek stocks end week moderately higher

Equity prices ended the last trading session of the week moderately higher on Friday, with the Greek bourse unable to follow a rally in other international stock markets.

The general index ended 0.23 percent higher at 2,370.46 points, supported by the positive climate created in the market after the publication of a report by Schroder Salomon Smith Barney which upgraded almost all Greek blue chips.

Turnover, however, remained a disappointing 30.1 billion drachmas, or 88.3 million euros.

The Insurance and IT Solutions sectors scored the biggest percentage gains (1.46% and 1.34% respectively), while the Publication and Telecoms sectors suffered the heaviest losses (1.16% and 0.45%).

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 0.31 percent higher, the FTSE/ASE MID 40 index rose 0.55 percent and the FTSE/ASE SmallCap 80 index ended 0.15 percent up.

Broadly, decliners led advancers by 175 to 120 with another 66 issues unchanged

The general index ended the week with a net gain of 1.04 percent.

[06] Most ferry routes halted due to rough seas

Practically all ferryboat routes, except those serving Crete, have been temporarily halted due to rough seas, according to Piraeus' port authority on Friday.

The ban also affects the port of Rafina.

Most of Greece was experiencing the first real winter storm front of the season on Friday, with heavy rains in the west, snow on certain mountain tops and dropping temperatures throughout the country.

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