OpenCalais Metadata: Ticker
OpenCalais Metadata: LegalName
Thursday's session on the Athens Stock Exchange was even more subdued than recent days, if that is possible.
In the end, the general index, which had been showing mild losses throughout, tipped over into positive territory, closing at 637.27 points, a gain of 0.36%. Late gains in OTE Telecom were the main reason.
Turnover was €23.61 million on volume of 16,373,894 shares.
Credit sector stocks led the benchmark of the Greek bourse further below the 600-point mark on Wednesday. It followed the relegation of the domestic banks' outlook from positive to stable by Moody's, and the restructuring of the MSCI index, which also sent trading volume to its highest point in 15 sessions.
Despite Wednesday's early gains at Athinon Avenue, in line with most eurozone bourses, the session ended with a relatively small increase on particularly low daily turnover, which points to the market's reservations about the economy's emergence from the coronavirus crisis, especially as far as the creation of new nonperforming loans for Greek lenders is concerned.
OTE Telecom will cut expenses drastically to ensure it meets its targets for 2020 earnings before interest, tax, depreciation and amortization (EBITDA) and free cash flow, the CEO of Greece's biggest telecom operator said on Tuesday.
OTE Telecom, which is 46 percent owned and managed by Deutsche Telecom, Europe's biggest, has projected free cash flow of 350 million euros this year.