ECONOMY

Cautious investors send index 0.33 pct lower

Shares ended lower yesterday, with bank and telecom stocks leading the retreat as investors adopted a cautious stance after a strong rally the previous day. «A small correction was justified; it’s logical for the market to return to the 2,147-2,150 level. If the downtrend continues, this would prove yesterday’s rally was a one-day happening,» said analyst Nikos Akitzidis at Axon Securities. The benchmark general share index dropped 0.33 percent to 2,155.94 points. Across Europe, shares fell from 2003 highs as banks weighed after a cautious outlook from Credit Suisse. CosmOTE added 0.40 percent to 10.10 euros as investors cheered news the operator was in talks with NTT DoCoMo Inc over the use of the Japanese wireless operator’s i-mode mobile Internet technology. General Bank nudged down 0.31 percent to 6.52 euros. Its main shareholder, the Army Pension Fund announced a short list of three candidate banks for a controlling stake in the bank. French bank Societe Generale and local banks Marfin and Aspis are the potential bidders. Turnover fell to 163.23 million euros, with 26.8 million shares changing hands. Decliners outweighed advancers 233 to 84, with 46 closing unchanged. (Reuters)