ECONOMY

Eurobank crashes 7.27 pct, leads bourse lower

Shares fell for the third day in a row yesterday, led by EFG Eurobank after Deutsche Bank said it would sell its 9.3 percent stake in Greece’s third largest bank by assets. The general share index shed 0.60 percent to 2,160.12 points. Deutsche Bank said yesterday it would begin an accelerated bookbuilding process for its 29.2 million shares in Eurobank, in line with its strategy of divesting equity holdings and non-core units. The news sent Eurobank stock down 7.27 percent to 13.78 euros. Alpha Bank bucked the trend, rising 2.25 percent to a new year-high of 20.94 euros, with Merrill Lynch raising its price target for the shares by 14 percent to 24.1 euros. Among the decliners, OTE Telecom lost 1.47 percent to 9.38 euros and its mobile unit CosmOTE shed 1.14 percent to 10.44 euros. Norwegian telecoms Telenor yesterday denied reports it had received an improved bid for its 9 percent stake in CosmOTE from OTE. Greek bottler Coca-Cola HBC rose 0.57 percent to 17.56 euros. Deutsche Bank said yesterday it started coverage of the company with a «buy» rating and a price target of 20 euros. Turnover rose to 125.05 million euros, with 20.9 million shares changing hands. Decliners outnumbered advancers 167 to 124, with 71 ending unchanged. (Reuters)