ECONOMY

Index drops to 1,700 pts on OTE woes

Stocks dug into the red yesterday, with cement-maker Titan losing another 2.6 percent after trading ex-dividend and heavyweight OTE falling over 3 percent on renewed concerns about its Romanian investments. OTE fell 3.18 percent to 9.14 euros after newspaper reports that the company was likely to try and keep its ailing Romanian mobile company afloat. The Athens benchmark general index lost 0.48 percent to 1,700.09 points. «The pressure on OTE was the main feature in today’s session, as investors are indicating they don’t like the newspaper reports about capitalization of Cosmorom’s debts,» said analyst Manos Mavrogenis at Attalos Laiki Securities. Blue chips declined 0.57 percent to 839.76 points. Mid-caps fell 0.98 percent, while small-caps closed down 0.90 percent. Turnover inched up to 97.13 million euros from Wednesday’s 93.26 million euros with 28.4 million shares changing hands. Decliners led advancers 208 to 85. (Reuters)