The Greek market suffered a blow when shares sold in the country's largest equity offer for two years fell 5.2% in their first few hours of trading.

Shares in PPC, the Greek state-owned electricity company, fell to €12.04, down from an issue price of €12.70. The group's IPO, which was managed by ABN Amro Rothschild, Alpha Bank, Goldman Sachs and National Bank of Greece, raised €445m ($398m).