A decision by the Hellenic Telecommunications Organisation (OTE) to delist from the New York Stock Exchange is following a similar move made by Deutsche Telekom and other European companies, not only from the telecommunications sector, analysts said on Wednesday.

OTE listed its shares in the NYSE in 1998, when the drachma was still in circulation, while the number of shares trading in the market totaled only 1.5 pct of total shares.

Delisting from NYSE does not end trading of OTE's shares in the over the counter market.

OTE said it reached this decision aiming to cut operating cost, reducing complexity of financial reports and concentrating trading of its shares in the Athens Stock Exchange