Foreign markets watched closely
Investors will head into the last quarter of the year this week keeping a close eye on international bourses after weeks of historic turbulence. US stocks are unlikely to make much headway unless Congress comes up with a deal on the proposed package to rescue the beleaguered US financial sector and contain fallout from the global credit crisis. Agencies were reporting late yesterday that the main elements of a $700 billion bailout had been agreed upon by congressional leaders and the Bush administration. On Friday, the Athens Exchange’s benchmark general index held the 3,000-point psychological level, ending at 3,017 points, after dipping briefly below the support mark in intra-session trade. Despite reducing their positions in Greek stocks recently, foreign portfolios still hold 51 percent of local equities. The Athens bourse’s trading hours will be extended by 30 minutes as of today, until 5 p.m. in a move to closer align the market with New York.
