ECONOMY

Losses in OTE offset gains in banks

Losses in OTE Telecom dragged stocks lower yesterday, offsetting gains in banks, which rose as investors wagered the sector may have seen the worst. OTE fell nearly 3 percent to 11.24 euros in late selling, broadly in line with losses among European peers, while banks rose 1.21 percent. The general index eased 0.02 percent to 1,693.44 points. «We’ve seen some tremendous losses in banks and investors are taking positions ahead of the earnings announcements. Some long-term investors have been stock-picking in the sector, on the anticipation that the worst may be over,» said head analyst Vassilis Vlastarakis at Contalexis Securities. Blue chips gained 0.06 percent to 839.74 points. Mid-caps rose 0.32 percent and small-caps advanced 0.77 percent. Turnover was improved at 61.78 million euros from 52.79 million euros a day earlier, with 16.7 million shares changing hands. Winners beat losers 195 to 81, with 75 shares unchanged on 351 traded. (Reuters)