ECONOMY

Marginal correction drags index 0.12 pct down

Soft banks outweighed mild gains in telecoms yesterday, dragging equities 0.12 percent lower and pulling the brake on the bourse’s three-session climb. Brokers said there was some profit-taking in banks after the sector largely fueled the market’s overall 2.26-percent gain for the week. «It was a marginal correction without any extremes. After gaining ground for three days, it was expected,» said Andreas Giakoumakis, analyst at Value Capital Securities. The benchmark general index slipped 0.12 percent to 2,617.87 points but managed to trim earlier losses after dipping to an intra-session low of 2,600.96 points. «Technically, the 2,600 level still looks fragile. If the general index keeps above this level on Monday, then it will act as stronger support, based on the three-day filter,» said Giakoumakis. The bank sub-index eased 0.33 percent and telecom stocks gained 0.05 percent. The FTSE/ASE-20 index of blue chips slipped 0.22 percent to 1,430.19 points. The FTSE/ASE-40 index of mid-caps eased 0.17 percent and small-caps lost 0.15 percent. Turnover was 139.15 million euros on volume of 81.1 million shares. (Reuters) Russia’s Lukoil and Greece’s Petrola are jointly sponsoring The Economist magazine’s conference on «Oil, Gas & Electricity,» which will be held for the first time in Greece, in the Metropolitan Hotel on January 30-31. OPEC Secretary-General Ali Rodriguez, Development Minister Akis Tsochadzopoulos and Iran’s Oil Minister Bijan Zangeneh have been invited to address the conference. Lukoil and Petrola are jointly bidding for a stake in Hellenic Petroleum.