Weak banks drag index 0.77 pct lower
Equities fell 0.77 percent yesterday, ending a four-session climb as losses in Alpha and Commercial banks dragged the market lower. Brokers said first-quarter bank profit jitters have returned to haunt the sector as investors wait for some bank results which are expected to start coming in later this week. «There are still concerns about first-quarter bank profits and until we have some concrete results, the sector looks to remain under pressure,» said Vassilis Vlastarakis, head analyst at Contalexis Securities. The Athens bourse’s benchmark general index lost 0.77 percent to 2,204.43 points while banks shed 1.63 percent. The FTSE/ASE index of blue chips retreated 1 percent to 1,158.75 points. The FTSE/ASE-40 index of mid-caps fell 0.64 percent and small-caps lost 1.07 percent. Total turnover was 67.55 million euros on volume of 12.8 million shares. Losers beat winners 258 to 58 with 39 unchanged on 355 traded. (Reuters) Cyprus’s bid to find a private partner for its tourist-busy airports has been delayed at least a month to ward off a legal challenge to the process, sources close to the project said yesterday. «It will take about a week and we expect the tenders commission to announce a shortlist of five by the end of May,» a government source close to the bidding process told Reuters. By seeking clarifications, authorities hope to plug any legal loopholes which could dislodge one of the most ambitious privatization projects undertaken. Threats of legal action by one bidder excluded from a previous short-listing process has pushed the project at least two months off schedule. The government wants a partner to administer the airports under a build-operate-transfer contract for 20 years. (Reuters)
