Prices and turnover slide in view of PPC flotation

Shares ended lower yesterday, with investors showing little interest ahead of a placement of shares by electricity utility Public Power Corporation (PPC) next week. The benchmark general index fell 0.34 percent to 2,111.24 points. PPC lost 0.33 percent to 18 euros as some investors offloaded shares, betting on a discount in the offering. The State plans to sell up to 15.7 percent of PPC by the end of the month. At current market prices, the sale could raise around 630 million euros for state coffers. Investors, not pleased with Bank of Attica’s failure to come up with a bid for a stake in Postal Savings Bank on Wednesday, sent the shares down 6.76 percent to 3.86 euros. «The market had expected Attica to merge with Postal Savings. There is disappointment that this did not come through. The stock has come under pressure since last week amid signs the merger would not happen,» said analyst Paris Mantzavras at HSBC Pantelakis. Heavyweight OTE gained 1.22 percent to 9.98 euros after its vice president said in Belgrade on Wednesday the telecoms group planned to keep its 20 percent interest in the Serbian state telecom monopoly. Turnover fell to 97.69 million euros, with 16.8 million shares changing hands. Decliners outnumbered advancers 225 to 82, with 52 unchanged. (Reuters)