ECONOMY

Stocks slide nearly two percent

Greek stocks lost ground on Tuesday in line with weak European bourses as banks took heavy losses.

The Athens bourse?s benchmark general index fell 1.97 percent to 1,579.76 points.

The blue chip FTSE/ATHEX 20 index shed 2.44 percent to end at 730.29 points.

Banks gave up 3.80 percent led by a 5.77 percent slide in Piraeus Bank to 1.47 euros.

National Bank fell 3.89 percent to 6.43 euros while peer Eurobank EFG ended 4.96 percent in the red at 4.60 euros.

Investors will be keeping an eye out tomorrow for the market impact from the latest cut to Greece?s sovereign debt rating by Standard and Poor?s, which was announced yesterday after the close of trade.

OTE telecom shed 3.30 percent to 8.20 euros while power company PPC bucked the tend, adding 0.75 percent to 12.09 euros.

Turnover reached 110 million euros.