ECONOMY

National and OTE lead index below 5,000 pts

Greek stocks fell for a third day, coming under strong pressure and falling below 5,000 points for the first time since September 21. National Bank and OTE telecom, which accounted for a combined turnover of -142.2 million out of a total of-541.4 million, paced the decline. The Athens Exchange general index dropped 1.98 percent to 4,995.31 points, as as all but seven stocks dropped. The FTSE/ ATHEX 20 index of the country’s largest companies slipped 1.97 percent to 2,648.55. The respective mid-cap and small-cap indices shed 2.47 percent and 1.98 percent respectively. The Cypriot General Index declined 2.6 percent to 4,809.30. National Bank, the country’s biggest lender, declined 3.5 percent to -44.30. OTE dropped 2 percent to -24.96. Viohalco lost 4.07 percent and Postal Savings Bank was 2.77 percent lower. ATEbank fell 2.6 percent. Fourlis Holdings declined 4.1 percent as Citigroup cut its recommendation on the holder of the IKEA franchise in Greece to «hold» from «buy.» «We still like the stock; however we think it is time for the shares to stop for a breather,» the brokerage wrote. Motor Oil fell 1.8 percent to -16.74. Marfin Analysis cut its price estimate for Greece’s second-largest oil refiner 4 percent to -24, citing a weak dollar. (Kathimerini, Bloomberg)