ECONOMY

Hellenic Petroleum and OTE lead in thin trade

Greek stocks reversed early losses to advance in thin trade for a second day, led by Hellenic Petroleum and OTE telecom. The benchmark Athens Exchange (ATHEX) index added 0.3 percent, to 5,152.16 points as 25 of its 60 constituent stocks gained, 22 declined and 13 ended unchanged. The measure has increased 17.3 percent this year. The FTSE/ATHEX 20 index of the country’s largest companies rose 0.1 percent to 2,741.62. Mid- and small-caps were up 0.28 percent and 0.24 percent up respectively. Hellenic Petroleum gained 1.8 percent, to -11.26. OTE rose 0.9 percent, to -25. Shares of the country’s biggest phone company advanced for a third day after Marfin Investment Group, its second-biggest shareholder, dropped a request for a shareholder meeting in which it planned to challenge some of the company’s management decisions. Public Power Corporation shed 1.1 percent, to -34.90. The country’s largest electricity group is not seeking any investor to take over parts of the company. Motor Oil and Postal Savings Bank fell 1.76 percent and 1.61 percent respectively. Livanis Publications dropped 1.6 percent. A total 2,109,375 new shares resulting from a stock option plan to company executives and employees started trading yesterday. Turnover totaled -180.1 million.