ECONOMY

OTE slide leads stocks 0.71 percent lower

Weak telecoms outweighed mild bank gains on the Athens bourse yesterday, leaving the general index 0.71 percent lower as investors continued to lock in gains in index heavyweight OTE Telecom. «Institutional investors have taken to the sidelines. The market is waiting for more results in order to maintain recent gains,» said Vassilis Theodorou, head analyst at P&K Securities. Among the day’s big losers was OTE, which lost 2.09 percent to 17.78 euros. Telecoms lost 1.46 percent and the bourse’s FTSE/ASE-20 blue chip index fell 0.39 percent to 1,230.52 points. The benchmark general index fell 0.71 percent to 2,329.59 points. The Athens bourse ended the week with overall losses of 2.57 percent or 59.93 points. Mid-caps shed 0.81 percent with small-caps losing 1.16 percent. Turnover was 79.58 million euros on volume of 16.3 million shares. Losers beat winners 255 to 66 while 39 shares were unchanged on 360 traded. (Reuters) Greece-Cyprus-Balkans