ECONOMY

Banks once again drag index lower

Shares eased more than 1 percent yesterday, weighed down by weak banks as investors booked profits after the market’s recent rally and traders said the correction was natural and could even push the index lower. «The market is going through a correction which is logical after the large gains over the last six months. We see the next support level at 2,020 points,» said analyst Nikos Kollias at Dynamic Securities. Stocks have gained about 17 percent since the beginning of the year. The benchmark general share index slid 1.69 percent to 2,047.66 points, underperforming major European bourses. Banks were among the biggest decliners: National shed 2.59 percent to 17.30 euros, Alpha was 2.93 percent softer at 17.88 euros and Commercial ended 4.0 percent down at 16.34 euros. Turnover fell to 95.11 million euros, with 24.1 million euros changing hands. Decliners outnumbered advancers 317 to 21, with 21 unchanged out of 359 traded. (Reuters)