ECONOMY

Decline continues as investors keep away

Shares ended lower yesterday, continuing Tuesday’s slide, as investors adopted a wait-and-see attitude ahead of the third-quarter earnings season, traders said. «There’s a lack of direction in the market. The current consolidation has brought index heavyweights, such as telecom and bank shares, back to fair valuations,» said analyst Elias Lazaris at Artion Securities. The benchmark general share index fell 0.38 percent to 2,012.14 points. Fund manager Vassilis Antoniadis at Marfin Mutual Funds said the market remained on a downward trend, unchanged from the previous week. EYDAP gained 3.70 percent to 5.60 euros and PPC added 0.48 percent to 16.80 euros, as investors welcomed the government’s plan to speed up its privatization. Index heavyweight OTE Telecom closed 0.43 percent higher at 9.42 euros with a report by The Financial Times saying the European Bank for Reconstruction and Development canceled a 100-million-euro financing package for Globul, OTE’s Bulgarian mobile arm, not weighing on the shares. Turnover eased to 81.57 million euros, with 18.88 million shares changing hands. Decliners led advancers 228 to 84, with 44 closing unchanged. (Reuters)