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Italian stocks

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MILAN: Italian shares closed slightly higher with heavy trading in telecoms stocks dominating the session while Fiat closed lower, weighed down by expiry of options.

Market lost some of its earlier momentum as the BTP futures contract eased back from the highs.

Mib30 blue chip index closed 0.18 percent higher at 15712. Volume was 622.2 billion lire, down from 653.7 billion lire on Friday, the last trading session before a four-day holiday break.

Telecom Italia Mobile shares closed 3.25 percent higher at 2,160 lire with more than 32 million shares traded.

Traders said buying of TIM shares was fuelled by reports at the weekend that new mobile phone subscriptions were increasing at a rate of 10,000 a day.

Foreign investors took profits in Telecom Italia shares, which dropped 1.71 percent to close at 2,818 lire, and switched into TIM shares, adding to their upward momentum.

Stock was further weakened, losing 1.05 percent to close at 1,602 lire. TIM's success at winning new subscribers helped depress shares in Olivetti, whose Omnitel mobile phone venture is launched at the end of the year.

Technical analysts identified a new resistence level in the Comit index, compiled by Banca Commerciale Italiana of 680. The index closed at 662.47.

Shares in INA eased 0.72 percent to close at 2,360 lire as the stock, slated for privatization later in the year, ran into profit-taking.-Reuter