ECONOMY

OTE helps push index below 1,800 pts

Stocks fell below the 1,800-point support level yesterday, led by losses in index heavyweight OTE Telecom, which, in turn, was hurt by uncertainty over a rescue plan for its largest foreign holding, Romtelecom. OTE lost 3.39 percent to 11.96 euros while telecom stocks dropped 2.46 percent. Talks between OTE’s management and the Romanian government continued in Bucharest yesterday. «There is confusion about the Romtelecom issue and this is affecting the stock,» said analyst Petros Tegopoulos at Axon Securities. The Athens benchmark general index fell 1.14 percent to 1,798.71 points, after trading in positive territory earlier in the session. Blue chips on the bourse’s FTSE/ASE-20 index fell 1.45 percent to 894.97 points. Mid-caps eased 0.04 percent, while small-caps dropped 0.31 percent. Turnover was 78.08 million euros on 18.9 million shares traded. Losers beat winners 174 to 121, with 60 shares unchanged on 355 traded. (Reuters)