ECONOMY

No end in sight for stock market slide

Equities fell 1.60 percent yesterday, in line with sliding European bourses, as index heavyweight banks and OTE Telecom lost ground. Greece’s second largest bank, Alpha, lost 3.38 percent to 9.72 euros, a new year-low, while peer National ended 2.98 percent lower at 9.76 euros. The banking index dropped 2.87 percent. Brokers said investors were still nervous over a possible war with Iraq, with no news on hand to offset selling pressure. The Athens benchmark general index – entrenched firmly in oversold levels – ended at 1,477.91 points. «The market’s negative momentum points to a further downside and this view is supported by weak European markets,» said Nikos Gallousis, head of derivatives at Kappa Securities. Blue chips fell 1.90 percent to 716.30 points and mid-caps dipped 1.0 percent. Turnover was 52.16 million euros, with 18.8 million shares changing hands. Losers beat winners 247 to 65, with 41 shares unchanged on 353 traded. (Reuters)