ECONOMY

Banks drag stocks lower

Greek stocks gave up more than 3 percent yesterday on the back of steep losses in banks. The Athens Exchange (ATHEX) benchmark general index lost 3.14 percent to 3,402.38 points. Bank stocks retreated 3.86 percent, while National Bank, the country’s largest lender, ended down 3.64 percent at 30.16 euros. Bank of Cyprus, which reported an expected first-half net profit of 244 million euros after the close of trade on Thursday, fell 1.77 percent to 8.90 euros. The bank also said it remains on track to meet the goals laid out in its three-year plan. OTE telecom, which has seen its market capitalization shrink to 6.4 billion euros, tumbled 5.04 percent to 13.20 euros. Turnover reached 234.2 million euros.

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