ECONOMY

Profit-taking leads bourse 0.32 pct lower

Soft telecoms dragged equities lower yesterday as cellular operator Vodafone Panafon fell more than 1 percent with investors locking in gains after the stock’s 20 percent rally this month. Index heavyweight OTE Telecom reversed early session gains to end off 0.56 percent at 10.62 euros, one day before it releases nine-month earnings. «OTE’s retreat at the end of the session played a large role, influencing the total market,» said analyst Grigoris Karayiannopoulos at Cyprus Securities. OTE’s nine-month group net profit is expected to fall by 15.5 percent. The Athens bourse benchmark general index eased 0.32 percent to 1,866.78 points, while banks slipped 0.20 percent. Blue chips dropped 0.29 percent to 916.79 points. Mid-caps lost 0.56 percent, with small-caps up 0.20 percent. Turnover was 83.27 million euros on 25.4 million shares traded. Losers beat winners 158 to 146, with 62 shares unchanged on 366 traded. (Reuters)