ECONOMY

Weak OTE, European bourses drag shares down

Extended losses in index heavyweight OTE Telecom helped drag the Athens bourse 1.56 percent lower yesterday, with weak European markets weighing on sentiment. It was an uninspiring session which mainly tracked Europe. We had selling pressure in large-caps, focusing on OTE, National and Alpha Bank, said Ilias Athanasiou, analyst at Selas Investments. This dragged the rest of the market lower, he said. The Athens bourse’s benchmark general index ended off 1.56 percent at 2,661.96 points. Blue chips on the FTSE/ASE-20 index shed 1.73 percent to 1,457.38 points. Mid-caps dropped 1.18-percent lower and small-caps shed 1.65 percent. Telecom stocks fell 1.83 percent and OTE Telecom tumbled 3.39 percent to 18.22 euros. Banks lost 1.63 percent and bellwether stock National Bank fell 2.44 percent to 27.22 euros. The Finance Ministry said on Sunday that PPC’s initial public offering was oversubscribed 1.8 times with the final offering price fixed at 12.70 euros per share. PPC shares are expected to make their trade debut tomorrow. Moreover, Greeks helped with their attitude, because they question public policy, which continues to be growth-orientated.