ECONOMY

CosmOTE helps push index to new low

Equities fell yesterday, with sliding European markets weighing on local sentiment, while cellular operator CosmOTE slumped 5.11 percent to end at 8.92 euros after Goldman Sachs downgraded the company on the grounds of valuation. The general index lost 1.72 percent ending at 1,540.74 points, another year-low. The market ended the week 4.5 percent, or 73 points, lower. Goldman downgraded CosmOTE from «in-line» to «underperform,» despite strong fundamentals, saying the shares were trading at a premium to smaller European mobile companies. «The markets’s negative momentum continued. The sharp drop in CosmOTE set a gloomy mood for telecoms,» said Vassilis Vlastarakis, analyst at Contalexis Securities. Banks fell 2.06 percent. Blue chips fell 1.60 percent to 752.73 points and mid-caps dipped 1.74 percent. Turnover was 46.32 million euros, with 16.1 million shares changing hands. Losers beat winners 253 to 51, with 50 unchanged on 354 traded. (Reuters)