ECONOMY

Stocks fall as banks and telecoms stumble

Stocks fell 1.49 percent yesterday but clung on to the 1,800 point mark as OTE Telecom fell to a new year-low and the country’s largest bank, National Bank, took heavy losses after its nine-month earnings failed to cheer investors. The Athens bourse benchmark general index ended at 1,800.98 points, while telecoms retreated 1.80 percent. OTE Telecom fell to a new year-low, hurt by investor concerns that the consolidation of its biggest foreign investment, Romanian operator Romtelecom, could hurt profit margins. The stock ended off 3.78 percent to 10.68 euros. Index heavyweight National Bank fell 4.58 percent to 14.60 euros. Banks in general lost 2.70 percent. Blue chips lost 2.07 percent to 889.15 points. Mid-caps fell 1.91 percent and small-caps shed 0.95 percent. Turnover was 68.91 million euros on 20.2 million shares traded. Losers beat winners 262 to 62, with 33 shares unchanged on 357 traded. Coca Cola HBC (CCHBC) is expected to announce nine-month results today. (Reuters)