ECONOMY

ASE’s collateral damage from Madrid bombings

Shares ended more than 2 percent down yesterday, shadowing the sharp sell-off in global markets after deadly bomb blasts in Madrid and the release of data showing that the US has racked up a record trade deficit. «A contributing factor to today’s malaise in global markets was the attacks in Madrid. Yesterday’s drop in US equity markets also weighed,» said analyst Nikos Keranis at Pegasus Securities. But he said a technical correction might be on the cards today as investors may have overreacted to the event in Spain. The general share index closed 2.46 percent down at 2,409.26 points, its lowest close in two weeks. Bourse authorities rushed to reassure investors, telling them to stay calm and avoid making any hasty moves. Banks bore the brunt of the losses, with National Bank shedding 3.59 percent, Alpha Bank 33 percent and EFG Eurobank, 3.15 percent. OTE closed 1.98 percent down, its lowest level since late January, while its mobile arm CosmOTE was 2.60 percent softer. Blue chips ended 2.58 percent off, mid-caps lost 2.76 percent and small-caps fell 2.63 percent. Turnover rose to 199.63 million euros, with 31.55 million shares changing hands. Decliners led advancers 305 to 29. (Reuters)