ECONOMY

OTE, banks push index 1.10 pct lower

Stocks hit a downward track yesterday, falling over 1 percent, as investors turned to stocks with defensive qualities such as utility Public Power Corporation (PPC) in the face of growing concerns about the global economy. Heavyweight OTE Telecom slumped 3 percent to 13.58 euros, in line with weak European peers, while banks fell 1.12 percent to push the benchmark general index 1.10 percent lower to 2,063.88 points. «OTE’s weakness and the absence of bids in banks led the general index lower, in sync with European bourses. Figures in the USA did not help 30 minutes before the close,» said trader Nikos Diamantopoulos at Kappa Securities. The bourse’s FTSE/ASE-20 index of blue chips fell 1.42 percent to 1,049.70 points. Mid-caps fell 0.78 percent, with small-caps down 1.36 percent. Turnover was 83.42 million euros, versus 76.05 million on Wednesday, with 17.6 million shares traded. Losers beat winners 260 to 50, while 43 shares were unchanged on 353 traded. (Reuters) Meeting