ECONOMY

ASE sheds 0.43 pct; profit-taking prevails

Profit-taking in small- and mid-cap stocks led stocks 0.43 percent lower on Tuesday, ending a two-session climb, with telecoms falling in line with weak European peers. «Some short-term profit-taking, particularly in small-caps, ended the market’s upward momentum,» said analyst Thanassis Ipirotis at Devletoglou Securities. The Athens bourse’s benchmark general index lost 0.43 percent to 2,218.35 points. The bourse’s FTSE index of blue chips shed 0.26 percent to 1,161.75 points and telecom stocks eased 0.61 percent. The FTSE/ASE-40 index of mid-caps fell 0.74 percent and small-caps lost 1.18 percent. The Athens Stock and Derivatives exchanges were closed yesterday in line with other European market holidays. Total turnover was 88.06 million euros on volume of 16.9 million shares. Losers beat winners 242 to 71 with 45 unchanged on 358 traded. (Reuters) OTE Telecom Chairman and Managing Director Lefteris Antonakopoulos was also elected on Tuesday chairman of mobile subsidiary CosmOTE, following the resignation of Nikos Manasis.