ECONOMY

Correction continues on weaker banks

Stocks ended in negative terrain yesterday, as profit-taking in banks, coupled with weak European markets, led the market lower. The benchmark index shed 0.96 percent to settle at 1,887.62 points. «We had a continuation of the correction following two losing sessions late last week, with bank shares showing fatigue after their recent rally,» said analyst Christos Samothrakis at Market Securities. Banks lost 2.84 percent with bellwether National Bank falling 3.72 percent and Alpha Bank ending 2.30 percent lower at 14.46 euros. Soccer pool and lottery group OPAP lost 0.22 percent to 9.20 euros. Yesterday, OPAP announced an agreement to buy two Cypriot sports betting companies for 10 million euros each. Blue chips fell 1.46 percent to 937.97 points, while mid-caps ended flat. Small-caps slipped 0.93 percent. Turnover eased to 124.2 million euros, with 31 million shares changing hands. Losers beat winners 210 to 107, with 40 shares unchanged on 357 traded. (Reuters)