ECONOMY

OTE slump leads two pct dip

Greek stocks gave up nearly two percent on Tuesday with uncertainty over government action aimed at easing the country?s lingering debt crisis weighing on sentiment.

The Athens bourse?s benchmark general index fell 1.98 percent to 1,297.05 points, hitting a session low of 1,289 points.

The blue chip FTSE/ATHEX 20 index retreated 2.55 percent to 583.79 points.

OTE telecom slumped 6.24 percent to 6.46 euros, a day after it was announced that the Greek government will sell a ten percent stake in OTE to Germany?s Deutsche Telekom (DT) for about 400 million euros.

Brokers said that news of the sale was largely expected, adding that the market will be looking to see if DT intends to further up its stake in the Greek phone company.

Banks also took heavy losses, dipping 3.79 percent.

National Bank dropped 4.09 percent to 4.92 euros and EFG Eurobank ended at 3.17 euros, down 5.37 percent for the day.

Bank of Cyprus fell 4.44 percent to 2.15 euros and Piraeus Bank slipped 1.85 percent to 1.06 euros.

Turnover reached 70.8 million euros.