ECONOMY

Shares off slightly over fears about tech stocks

Shares ended lower yesterday, moving in step with European markets, with investors awaiting the new conservative government’s policy announcements. «The market tracked falling European markets today. Investors have already priced in the new Cabinet lineup and now want to see words put into action,» said an analyst. The conservative New Democracy party promised tax cuts, investment incentives and market deregulation. The general share index ended 0.45 percent down at 2,469.92 points. Across Europe, shares retreated, led down by tech stocks after a fall on Wall Street. Electricity utility Public Power Corporation recovered from earlier losses, ending flat at 22.02 euros. Debt reduction will be key to a possible rating upgrade for the company, Moody’s Investors Service said. It has a «Baa1» rating with a stable outlook on PPC. Traders said profit-taking also weighed on banks after recent gains had pushed up their valuations. National Bank lost 0.26 percent, Alpha Bank 0.62 percent and EFG Eurobank 1.27 percent. Blue chips lost 0.54 percent, mid-caps retreated 0.24 percent and small-caps shed 0.69 percent. Turnover fell to 136.38 million euros, with 21 million shares changing hands. Decliners led advancers 232 to 74. (Reuters)