ECONOMY

Shares fall 5.38 percent to year low over US fears

Share prices dropped more than 5 percent yesterday, ending a turbulent week at a new year low, with investor sentiment in tatters and eyes fixed firmly on Wall Street’s reopening on Monday for cues. Ferry operator Attica Enterprises, which plies the Adriatic Sea, plunged 11.90 percent to a new year low of 4.74 euros in what analysts said were growing concerns about the impact of the US attack on tourism and higher fuel prices. The Athens benchmark index lost 5.38 percent to 2,248.39 points. For the week it gave up 15 percent or 399 points. Since Tuesday’s terrorist attack, it has lost 12 percent. It is an overreaction, but investors are fearing Monday’s US open and discounting it opening lower, said head analyst at Kappa Securities Nikos Galoussis. Banks and telecom stocks lost 4.92 percent and 4.22 percent respectively. The Athens bourse’s FTSE/ASE-20 index of blue chips fell 4.86 percent to 1,268.79 points. The FTSE/ASE-40 index of mid-caps lost 8.26 percent while small-caps dropped 8.81 percent. Turnover rose to 168.02 million euros from 140.86 million on Thursday, on 33.9 million shares traded. (Reuters) Unfortunately for the market, consumers are rapidly realizing that their lives can still go on without rushing to the store and buying the latest model of any product, especially when the one they’ve had for several years is still up and running.