ECONOMY

Successful PPC sale boosts index 0.50 pct

Shares inched higher on Monday in thin trading on the eve of a national holiday, with electricity utility Public Power Corporation outperforming after a successful offering last week. «The short-term trend is uncertain; we’re not sure if the market is going up or down. Investors are waiting for the remaining companies to report nine-month results, which are expected to be better overall than last year,» said analyst Nikos Kolios at Dynamic Securities. The benchmark general share index added 0.50 percent to 2,112.53 points, with trading volume easing to 82.72 million euros. PPC shares added 3.86 percent to close at 18.82 euros, after hitting a year high of 19.08 euros earlier. Investors cheered the successful sale by the State of a 15.7 percent stake last week. The shares were sold at 17.50 euros each, with the State raising about 636 million euros ($749.1 million). The offering was 6.7 times oversubscribed. OTE edged up 0.63 percent to 9.58 euros, with investors positive on the telecom operator’s plan to buy Telenor’s 9 percent stake in its mobile unit CosmOTE. A total of 18.6 million shares changed hands. Decliners led advancers 146 to 144, with 64 unchanged against 354 traded. (Reuters)