Investors worried over OTE strategy

Shares ended lower yesterday with the market weighed down by telecoms operator OTE which posted the biggest decline among blue chips after its second rating downgrade in less than a week. The benchmark general share index dropped 0.62 percent to 2,196.94 points, erasing earlier gains with blue chips shedding 0.39 percent. OTE shed 3.81 percent to 10.10 euros. The shares have lost 13.8 percent from a year-high of 11.72 euros set on August 19. Brokers said investors were not cheered by the lack of guidance from OTE on its strategy in the fixed-line business where it lost a 9 percent market share in the first half. Gaming group OPAP and cement manufacturer Titan held their ground, gaining 0.55 percent to 10.90 euros and 0.06 percent to 34.02 euros, respectively. Turnover fell to 166.56 million euros, with 35 million shares changing hands. Decliners outnumbered advancers 313 to 39, with 13 unchanged on 365 traded. (Reuters)

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