Athens News Agency: News in English, 00-12-27

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

CONTENTS

[01] Foreign Exchange-Thursday's Rates

[02] Foreign Exchange Market-Fixing

[03] Secondary Bond Market-Close

[04] Greece-merchant marine

[05] Petzetakis SA-Canadian purchase

[06] ASE-close

[07] Greece-fuel prices

[01] Foreign Exchange-Thursday's Rates

Foreign Exchange

Thursday's rates (buying)

Euro 339.728

U.S. dollar 365.769

Pound sterling 542.328

Danish kroner 045.513

Swedish kroner 038.398

Japanese yen (100) 321.323

Swiss franc 223.408

Norwegian kroner 041.362

Cyprus pound 591.620

Canadian dollar 241.832

Australian dollar 203.582

[02] Foreign Exchange Market-Fixing

The drachma on Wednesday was flat against the euro at its central euro-zone parity and up versus the US dollar in the domestic foreign exchange market.

At the central bank's daily fixing, the euro was set at 340.750 drachmas for the third straight session.

Greece enters the euro zone on January 1, 2001.

Also at the fix, the dollar was set at 368.870 drachmas from 369.550 drachmas a trading day earlier.

[03] Secondary Bond Market-Close

Bond prices in the domestic secondary market on Wednesday finished lower in scant trade, for a second straight session.

The Greek benchmark 10-year bond showed a yield of 5.459 percent from 5.469 percent in the previous session.

The Greek paper's yield spread over German bunds was 61 basis points from 59 basis points a day earlier.

Turnover through the central bank's electronic system totalled 14 billion drachmas from 44 billion drachmas in the session before.

Sell orders accounted for the bulk of trade.

[04] Greece-merchant marine

"I am glad that reality finally establishes itself and acknowledges a constant effort to maintain and upgrade high safety standards in Greek passenger vessels," Greek Merchant Marine Minister Christos Papoutsis said on Wednesday.

He was commenting on a US State Department's positive report on safety measures in Greek passenger shipping, published recently.

Papoutsis reiterated that Greece implements the strictest safety standards in the European Union and that the country was a pioneer in promoting such measures on an international level.

[05] Petzetakis SA-Canadian purchase

Inc., through a 27 percent share capital increase plan.

Imperial Plastech Inc. was founded in 1989 and is listed in the main market of the Toronto Stock Exchange. It is a rapidly developing company which specialises in the production of high quality plastic pipes used for telecommunication networks, building and oil transportation.

Under the agreement, Petzetakis will purchase an equity stake in Imperial Plastech Inc. through a share capital increase plan, worth 6.15 billion drachmas, to become the Canadian company's second largest shareholder.

Imperial expects this year's turnover to total 13.3 billion drachmas, with pre-tax profits at around 2.65 billion drachmas, up 105 percent and 376 percent from the previous year.

[06] ASE-close

Equity prices ended the first trading session of the week, after a four-day holiday, on the Athens Stock Exchange with minor changes reflecting lack of fresh incentives and directions in the market.

Traders said the market largely ignored an one percentage point cut in official interest rates by the Bank of Greece - a moved designed to harmonise Greek interest rates with EU levels. They said that this move had been long discounted by the market.

The general index ended 0.13 percent lower at 3.393.42 points, with net turnover a low 26 billion drachmas.

The FTSE/ASE 20 index for blue chip and heavy traded stocks rose 0.09 percent to 1,957.09 points, and the FTSE/ASE 40 index eased 0.81 percent to 398.17 points.

The parallel market index for smaller capitalisation stocks ended 1.64 percent lower at 332.61 points.

[07] Greece-fuel prices

Retail fuel prices in Greece fell to their lowest levels since the beginning of 2000 on Wednesday, following a decline in international oil prices.

Indicative prices, released by the development ministry and effective from Thursday, showed the unleaded and super petrol prices falling by 6.5 drachmas per litre to 218.1 and 228.1 drachmas, respectively, diesel oil prices falling by 7.5 drachmas per litre to 214.6 drachmas and heating oil prices dropping by 10.3 drachmas per litre to 109.1 drachmas.

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