CosmOTE fall weighs on general index

Shares ended lower yesterday as mobile operator CosmOTE weighed on the market with investors concerned over the company’s role in parent OTE’s mobile operations in Romania. The benchmark general share index ended off 0.18 percent at 2,138.91 points, tracking weak European stock markets. CosmOTE retreated 2.45 percent to 10.34 euros, making it the biggest blue chip decliner. OTE Chief Executive Lefteris Antonakopoulos told Reuters that CosmOTE will review the operation of Cosmorom but will not have any role in managing or financing it. Analysts said investors were unconvinced by the explanation, leading to the share’s volatility. OTE rose 0.60 percent to 10.0 euros. The stock has lost 11.6 percent of its value since the release of half-year results on August 28. Turnover fell to 154.20 million euros, with 28.83 million shares changing hands. Winners led losers 163 to 153, with 55 unchanged against 371 traded. (Reuters)

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