Olympiakos needed a penalty to hand Valencia their first defeat in the Champions League this season.
The Spaniards qualified for the second stage last week and were not prepared to over exert themselves in attack and Olympiakos dominated this game.
Chances were few though and when Lambros Houtos fluffed the best chance of the night when he headed wide from in front of goal at the start of the second half.
The 65th minute penalty for a foul proved the salvation of the Athens club and they are still in contention for the second stage of the competition. Predrag Djordjevic coverted the penalty with a powerful drive. A draw at home to Lyon will see them through next month.
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