Focus on PPC sale and National’s Q3 results

Shares started the week a touch lower as investors focused squarely on electricity utility Public Power Corporation’s (PPC) upcoming offering and National Bank’s nine-month results. «The market was in a limbo today with investors waiting to see what will happen with PPC’s stake sale. Some institutional investors are probably not buying shares now or might be selling more expensive shares in order to participate in PPC’s offering,» said analyst Nikos Keranis at Pegasus Securities. The benchmark general share index edged down 0.19 percent to 2,120.72 points, underperforming the major European bourses. PPC shares fell 1.24 percent to 17.50 euros as investors betted on a discount for the offering price. The Finance Ministry in an official statement in the weekend newspapers said it would sell a maximum of 36.5 million state-held shares in the utility between tomorrow and Friday. Bellwether National Bank, due to kick off the earnings season for the sector tomorrow, gained 0.33 percent to 18 euros. «Investors expect good nine-month results,» said Keranis. Turnover fell to 78.04 million euros, with 15.2 million shares changing hands. Advancers led decliners 167 to 111, with 79 unchanged against 357 traded. (Reuters)