OTE TELECOM

With the trial of dozens implicated in the long-running Siemens cash-for-contracts scandal gradually coming to an end, a prosecutor on Monday claimed that the equivalent of 35 million euros in illicit payments were made to secure state deals.

The expected approval of a 1-billion-euro disbursement to Athens by Friday's Eurogroup, after Wednesday's favorable European Commission report, secured further gains for the majority of stocks at Athinon Avenue, which was accompanied by the continuing decline of Greek bond yields. The stock benchmark climbed to its highest level in almost eight months, just short of 750 points.

The closing auctions erased almost all of the earlier losses at the Greek bourse on Thursday, with the benchmark ending the day virtually unchanged and the blue chip index continuing its rise thanks to support from OTE and OPAP.

Stock prices continued their advance on Thursday at Athinon Avenue as buying interest remained strong, helping the market's main index register a six-month high, while turnover climbed to its highest in eight sessions.

For the first time in over 18 months, the benchmark of the Greek stock market completed a fifth consecutive week of gains - even if Friday's session ended with minor losses on the day. The gains registered by most non-banking blue chips made up for the profit taking observed, especially in banks.

Piraeus Bank's stock was instrumental to the benchmark staying in the black on Tuesday at Athinon Avenue, as the lender rebounded from three consecutive sessions of losses. This brought the main index to a level unseen since December 5, although the majority of stocks ended with losses and turnover remained disappointing.

Building on Monday's advance, Piraeus Bank shares continued to soar on Tuesday, buoying up National and Alpha for another day of healthy gains in the credit sector of the Greek stock market. That carried the benchmark above the 650-point level following three consecutive northbound days.

On a good day for the Greek bond market, local stocks rallied at the end of the trading session on Tuesday to notch up enough gains to send the benchmark higher. Former state companies were at the focus of buying interest.

Bank stocks on Wednesday built on Tuesday's momentum to jump more than 5 percent on a day with a more respectable turnover at the local stock market. This was the fifth straight day of advance for the benchmark at Athinon Avenue, a record unseen in the last eight months.

Prices continued to rise over the course of the day on the Greek stock market on Friday, for the benchmark to close the three-session week with an increase that was just shy of 2 percent, even if that was on a holiday turnover level. The healthy gains were in line with the positive performance of most foreign markets.