ECONOMY

Intracom woes weigh on already weak sentiment

A 16-percent tumble in telecoms equipment maker Intracom led the Athens bourse lower yesterday after reports that its chief executive would be the focus of a court investigation. Brokers said news that an Athens court prosecutor would investigate Intracom CEO Socrates Kokkalis hurt sentiment, but added that the market’s reaction may have been excessive. «News of criminal charges against Kokkalis weighed on already weak sentiment. As a result, not only did the Intracom group’s shares retreat but so did the broader market,» said Nikos Gallousis, head of derivatives at Kappa Securities. Intracom ended off 16.16 percent at 9.86 euros while subsidiary Intracom Constructions fell 11.20 percent to 4.28 euros. Gaming systems operator Intralot, an affiliate of Intracom, tumbled 9.47 percent to 16.82 euros. The Athens benchmark general index dropped 1.74 percent to 2,418.11 points. The FTSE/ ASE-20 index of blue chips fell 1.48 percent to 1,315.32 points. The FTSE/ ASE-40 index of mid-caps lost 2.17 percent and small-caps shed 1.75 percent. Total turnover was 154.73 million euros on volume of 25 million shares. (Reuters) Bourse cooperation