ECONOMY

Stocks drop below 1,600 pts on NBG slump

The Athens bourse fell below 1,600 points on Thursday as steep losses in National Bank (NBG) weighed on the broader market.

The Athens bourse benchmark general index ended 1.83 percent lower at 1,599.97 points.

The blue chip FTSE/ATHEX 20 index fell by 2.34 percent to end at 749.16 points.

Banks slumped 3.91 percent led by a 5.14 percent drop in NBG to 7.01 euros. Eurobank EFG, which said net profit in 2010 fell to 68 million euros from 305 million in the previous year, slipped 3.25 percent to 4.77 euros. The profit figure beat market expectations as analysts expected a figure of 63.4 million euros.

Hellenic Postbank (TT) gave up 6.10 percent to close at 3.54 euros.

Turnover reached 125.7 million euros.