950818

Belgian scrips finish higher

BRUSSELS: Belgian shares ended firmer on the first day of the new forward market account, with the expiry on Belfox of Bel-20 index futures and options boosting activity in the afternoon.

"It was a slow start, but the market was busy during and after the expiry, with lots of Belix being traded. All the activity was focused on the Bel-20 stocks," one dealer said.

The Bel-20 index of leading shares closed 10.15 points or 0.70 percent higher at 1,470.42, just five points below the session high reached in mid-afternoon. By 1450 GMT the day's volume was calculated at 2.2 billion francs of Belgian shares.

Dealers said many players had delayed opening positions for the new account until just after the options expiry.

"Finally we've got some strength back into the market. The dollar's been coming up very nicely this week and people are beginning to focus again on company earnings," one added.

He was optimistic for further gains next week.

Chemical stocks extended recent gains, with Tessenderlo up 200 francs at 11,575 and Solvay 25 francs higher at 15,875. One dealer said Tessenderlo was being helped by expectations of strong first half results, while another noted it had been hurt last week by negative sentiment towards the chemicals sector.

Banking stocks were also making up ground after lagging the market recently. Kredietbank rose 20 francs to 6,740 and Generale Bank rose 30 francs to 9,100.-Reuter