Greek shares close lower, OTE outperforms

AFX Europe (Focus);
Nov 19, 2004

ATHENS (AFX) – Shares closed lower on blue-chip profit-taking late in
the session, brokers said.

The Athens bourse benchmark general index shed 0.34 pct at 2,623.13
points.

Index heavyweight OTE Telecom bucked the trend, gaining 1.11 pct to
12.76 eur after UBS upped its price target on the share.

UBS increased its price target on OTE to 12.5 eur from 10.5 eur,
reflecting a more aggressive cost-cutting process, slightly less top
line pressure and a lower corporate tax rate.

Brokers said positive news regarding OTE’s foreign investments also
helped lift sentiment in the stock.

Local press reports said that OTE’s talks with Armenia on the market
conditions under which telecom operator Armentel operates are going
well, paving the way for the Greek company’s divestment from
Armenia. OTE owns 90 pct of Armentel and has said that it intends to
pull out of the Armenian market.

Subsidiary cellular operator Cosmote dropped 1.56 pct to 13.88
eur. Earlier, Dresdner increased its price target on cellular operator
Cosmote to 17 eur from 15.50 eur and maintained its buy rating on the
share.

Blue chips dipped 0.42 pct and banks fell 0.83 pct.

Investors chipped away at recent gains in Emporiki Bank, Greece’s
fourth largest bank based on assets. Emporiki gave up 2.29 pct at
23.92 eur.

Alpha Bank dropped 1.23 pct to 24.10 eur and National Bank eased 0.09
pct to 23 eur.

Mid caps slipped 0.69 pct and small caps eased 0.28 pct.

Losers beat winners 188 to 102 with 65 unchanged on volume of 150 mln
eur.