Athens News Agency: Daily News Bulletin in English, 99-08-11

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

CONTENTS

[01] New record high for Athens bourse yesterday

[02] Central bank reports decrease in trade deficit during February

[03] Mutual fund assets on the rise

[04] Harmonised consumer price index at 3.3%

[05] 2:10 share exchange offer prior to Commercial Bank capital increase

[06] Jump in short-term interest rates at securities auction

[07] Mytilineos on press reports focusing on its Kosovo mines

[08] Athens Foreign Exchange

[09] NASA astronauts to monitor eclipse from aboard cruiseship in the Black Sea

[10] Chinooks grounded pending inspections

[11] Convention on Human Rights, Biomedicine enters into force

[12] Lynch, OA union leaders discuss issue of jobs

[13] Olympic Aviation pilots vote to end work-to-rule action

[14] DEH employees approve pact with government

[01] New record high for Athens bourse yesterday

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 T elecoms at 6,739.

Athens News Agency

[02] Central bank reports decrease in trade deficit during February

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.

Athens News Agency

[03] Mutual fund assets on the rise

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. Athens News Agency

[04] Harmonised consumer price index at 3.3%

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. Athens News Agency

[05] 2:10 share exchange offer prior to Commercial Bank 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.

Athens News Agency

[06] Jump in short-term interest rates at securities auction

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. Athens News Agency

[07] Mytilineos on press reports focusing on its Kosovo mines

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 commande r.

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). Athens News Agency

[08] Athens Foreign Exchange

US Dollar 301.469 308.458 Can.Dollar 200.424 205.071 Australian Dlr 196.019 200.564 Pound Sterling 486.338 497.614 Irish Punt 411.694 421.239 Pound Cyprus 558.238 571.181 Pound Malta 702.447 731.716 Turkish pound (100) 0.062 0.065 French franc 49.429 50.575 Swiss franc 202.353 207.045 Belgian franc 8.038 8.224 German Mark 165.779 169.623 Finnish Mark 54.532 55.797 Dutch Guilder 147.131 150.543 Danish Kr. 43.565 44.575 Swedish Kr. 36.708 37.559 Norwegian Kr. 39.158 40.066 Austrian Sh. 23.563 24.109 Italian lira (100) 16.745 17.133 Yen (100) 262.682 268.772 Spanish Peseta 1.948 1.993 Port. Escudo 1.617 1.654

Foreign Exchange Buying Selling New York 301.469 308.458 Montreal 200.424 205.071 Sydney 196.019 200.564 London 486.338 497.614 Dublin 411.694 421.239 Nicosia 558.238 571.181 Paris 49.429 50.575 Zurich 202.353 207.045 Brussels 8.038 8.224 Frankfurt 165.779 169.623 Helsinki 54.532 55.797 Amsterdam 147.131 150.543 Copenhagen 43.565 44.575 Stockholm 36.708 37.559 Oslo 39.158 40.066 Vienna 23.563 24.109 Milan 16.745 17.133 Tokyo 262.682 268.772 Madrid 1.948 1.993 Lisbon 1.617 1.654 Athens News Agency

[09] NASA astronauts to monitor eclipse from aboard cruiseship 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.

In an unrelated development, the "Daily Bulletin" reprinted an erroneously written caption of Greek shipowner Andreas Potamianos and Mr. Parise in a Saturday, Aug. 7 legend, identifying the two as "A. Damianos" and "Ronald Pause".

We regret the error. Athens News Agency

[10] Chinooks grounded pending inspections

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.

Athens News Agency

[11] Convention on Human Rights, Biomedicine enters into force

The Convention on Human Rights and Biomedicine is the first internationally binding legal text designed to protect individuals against the misuse of biological and medical advances. It aims at preserving human dignity and identity, rights and freedoms t hrough a series of principles and rules.

The Convention also sets out a number of major principles and rules which signatory states must recognise and incorporate into their domestic law. It does not, however, prevent a state from giving greater protection vis-a-vis the applications of biology and medicine.

Athens News Agency

[12] Lynch, OA union leaders discuss issue of 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. Athens News Agency

[13] Olympic Aviation pilots vote to end work-to-rule action

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. Athens News Agency

[14] DEH employees approve pact with government

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. Athens News Agency/END

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