ECONOMY

Investors await delivery of campaign promises

Shares traded lower yesterday as investors turned cautious in the wake of the downtrend in European bourses, with news of the new government lineup having little impact. «Negative sentiment across Europe weighed on the market today, which is finding it difficult keeping above the 2,500-point level. I see the market range trading between 2,450 and 2,550,» said analyst Christos Kalogirou at Standard Securities. Traders said investors were waiting for action by the new government after its campaign promises. The general share index ended 0.92 percent lower at 2,481.08 points, tracking negative sentiment across Europe on concerns over a slide in the NASDAQ. Electricity utility Public Power Corporation (PPC) outperformed, rising 1.85 percent to 22.02 euros. Banks pulled back from the previous day’s highs, with National Bank shedding 1.29 percent to 22.90 euros and Alpha Bank off 2.11 percent to 25.98 euros. Traders said short-term investors were cashing in after the sector’s recent gains. Blue chips were 0.99 percent softer, mid-caps lost 1.88 percent and small-caps gave up 2.09 percent. Turnover eased to 152.26 million euros, with 21 million shares changing hands. Losers outnumbered winners 270 to 36. (Reuters)