ECONOMY

Bourse, still weak after Madrid, is off 0.78 pct

Shares ended weaker yesterday, out of kilter with firmer European markets, but mobile operator CosmOTE gained on the back of its increased weighting in two indices that goes into effect on Monday. «For the last two months, the market has been range-bound between 2,380 and 2,500 points. There were expectations that stocks would head higher after the election, but sentiment turned after the Madrid bombings,» said Nikos Galousis, head of derivatives at Kappa Securities. The general share index lost 0.78 percent to 2,365.40 points. The weekly loss was 2.25 percent. CosmOTE rose 0.46 percent to 13.18 euros, its highest close since March 5. Its weighting in the FTSE/ASE-20 and FTSE/ASE-140 indices will rise to 40 from 20 percent. «The stock has performed well since rival Panafon was removed from the benchmark index and other indices in late January,» said Galousis. Emporiki Bank shed 0.50 percent to 19.96 euros, with traders saying investors have already priced in the management change. Blue chips lost 0.62 percent while mid-caps and small-caps retreated 1.40 percent and 1.98 percent respectively. Turnover nudged up to 159.99 million euros, with 28.11 million shares changing hands. Losers outnumbered winners 272 to 55. (Reuters)