Shares end higher; Smaller issues at helm

[originalcypriot]

Shares ended higher, passing the baton to the smaller issues which were depressed for some considerable time. Investors feel that there will be some sort of turnaround medium-term and build positions.

“The prolonged declines have formed appealing valuations which wet appetite for bottom-fishing away from banks and defensives,” brokers reckon.

The general share index added 1.2% to settle at 1708 points, with the FTSE-40, which tracks medium-caps, firming 130 million euros. Volume stood at 130 million euros.

Among blue-chips, MIG outperformed, +7.3%, Alpha +2.4%. In contrast, Eurobank fell 3.8%, a reaction which was deemed unexplainable. Coca-Cola Hellenic added 1.8%. Its second quarter performance came in slightly below expectations but the company’s business model remained intact, according to analysts.



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