ECONOMY

Index barely holds on to 2,000-point level

Shares fell for a second straight day yesterday, led by banks and telecom companies, with the index barely holding onto the psychological support level of 2,000 points. The benchmark general share index shed 1.28 percent to 2,001.50 points, with losses of 1.8 percent over the week. Across Europe, markets also headed lower on concerns that the long-awaited economic recovery may stall. «The market is on a downward trend, tracking European markets. The correction is also technically based, with some investors closing their positions, nearing the end of the month,» said analyst Nikos Kolios at Dynamic Securities. «The index in a worst-case scenario in the short term could fall to the next support level of 1,940-1,950 points.» Index heavyweight OTE retreated 1.28 percent to 9.28 euros, trimming earlier losses after its chief executive told Reuters the group plans to bid for the 9 percent of mobile arm CosmOTE now held by Norway’s Telenor. OTE Chief Executive Lefteris Antonakopoulos also said OTE will decide next month on whether to buy other outstanding shares in CosmOTE. Turnover was thin at 109.02 million euros, with 25.9 million shares changing hands. Decliners led advancers 271 to 56, with 38 unchanged against 365 traded. (Reuters)