950816

Austrian shares

close up but

lower than expected

VIENNA: Austrian shares were firmer but failed to fulfil traders' hopes of a rally on a stronger dollar, and dealers expected little activity before Friday's expiry date of the August ATX futures contracts.

The ATX index of blue-chip shares closed up 1.72 points at 1,028.75. The August ATX future climbed 6.10 to 1,029.10. The Vienna Bourse all-share index inched up 0.47 point to 409.20.

"It's highly probable that we'll see some clients emerging after the expiry, but until then it's going to be dead," a dealer said.

The day's top gainer was Mayr-Melnhof, which strengthened by 1.73 percent to 648 schillings. Brau-Union led decliners, shedding 1.38 percent to 571 schillings.

Traders said volume was minimal, with market makers staying among themselves.

Vienna failed to build on sharp early gains in Germany, where the DAX index surged to a new year high of 2,254.05 on the back of the soaring dollar.

"Germany's influence was basically positive, but just not strong enough," one trader said. "Austria is increasingly detaching itself from the German market."-Reuter