ECONOMY

Investors shed OTE, fear for long war

Stocks fell yesterday, led by index heavyweight OTE Telecom, with investors worried that economic recovery may be hurt by a lengthy war in Iraq. European equities remained under pressure. OTE fell 2.75 percent to 9.18 euros, bringing losses over the past two sessions to nearly 6 percent. The Athens bourse’s benchmark index lost 1.39 percent to 1,517.94 points, bringing its weekly slide to 3.3 percent, or 52 points. «Some smart money could be leaving OTE, fearing a negative development in its Romanian investment, while in the short term, its revenues may come under pressure as competition heightens,» said one telecoms analyst. Telecom stocks fell 1.48 percent while banks lost 1.45 percent. Blue chips fell 1.69 percent. Mid-caps fell 0.82 percent. Small-caps on the bourse’s FTSE/ASE-80 index lost 0.90 percent. Turnover was 87.59 million euros, with 23.7 million shares changing hands. Losers beat winners 232 to 71, with 49 shares unchanged on 352 traded. (Reuters)