ECONOMY

Lack of corporate news results in thin trade

Shares ended with small losses yesterday, with traders saying investors were sidelined for the time being given the thin corporate agenda. «Investors are in a wait-and-see mode ahead of the earnings season. It was good that the market breached the 2,350 mark in mid-session, indicating a possible small uptrend in the coming sessions,» said analyst Costas Vergos at Pentedekas Securities. The general share index closed 0.11 percent lower at 2,335.74 points. Blue chips fell 0.21 percent, mid-caps were virtually flat while small-caps advanced 0.64 percent. Phone and accessories retailer Germanos fell 0.58 percent to 24.06 euros. Earlier, it said it was placing up to a 10 percent stake with funds, expected to be completed early today. OTE was another blue chip decliner, retreating 1.50 percent to 10.50 euros. Traders said concerns over weak second-quarter results weighed. OTE will report results on August 26. Selling pressure extended to its mobile subsidiary CosmOTE, which gave up 1.97 percent to 12.94 euros. The firm is expected to report ahead of its parent. Turnover rose to 91.15 million euros, with 14.8 million shares changing hands. Winners outnumbered losers 163 to 106, with 79 shares unchanged. (Reuters)