ECONOMY

Profit-taking in OTE leads index 0.87 pct lower

Mild losses in telecoms brought the Athens bourse 0.87 percent lower yesterday as investors locked in gains in index heavyweight OTE Telecom after the stock outperformed the market for the week. Brokers said the initial public offering of the Public Power Corporation capped trading volumes, while weak performances on European bourses also weighed. «Blue chips were weak partly due to the mild losses in European markets. OTE lost 2.48 percent but this is somewhat justified considering its recent rally,» said Petros Tegopoulos, analyst at Axon Securities. The Athens bourse’s benchmark general index ended at 2,704.12 points, ending the week up 10 points. The benchmark index recaptured the 2,700-point mark late in the session after slipping below the psychological barrier on news of weak US jobs data. Blue chips on the FTSE/ASE-20 index shed 0.74 percent at 1,483.03 points. Mid-caps shed 0.41 percent and small-caps slipped just 0.03 percent. Turnover was 146.92 million euros. Losers outnumbered winners 166 to 142 with 47 shares unchanged on 355 traded. (Reuters)