A second consecutive year-low for tumbling index
Equities fell for a sixth straight session yesterday with the benchmark general index failing to hold the psychological support level of 2,300 points, as heavyweight banks continued to bleed and investors took profits on fears the bourse could move lower. The benchmark index ended a touch above session lows at 2,294.85 points, a loss of 0.95 percent. «A lack of interest, in combination with a belief that we could go to lower levels, is feeding a profit-taking mood,» said analyst Grigoris Karayiannopoulos at Kyprou Securities. «Banks do not seem to have exhausted their profit-taking cycle and though technically the bourse could go to 2,220 points, I think short-term the market could rebound,» Karayiannopoulos said. The FTSE/ASE-20 index of blue chips retreated 0.77 percent to 1,240.88 points. The FTSE/ASE-40 index of mid-caps fell 1.70 percent and small-caps on the FTSE/ASE-80 lost 2.26 percent. Turnover was 93.26 million euros on 16.2 million shares traded. Losers beat winners 318 to 24, with 18 shares unchanged on 360 traded. (Reuters)
