ECONOMY

Slashing of rates fails to impress

The slashing of key interest rates by the European Central Bank and the Bank of England was not enough to contain sellers across European markets, directly affecting the Greek bourse as well. Markets had hoped for a greater rate drop. The Athens Exchange (ATHEX) general index closed at 2,070.40 points yesterday, dropping by 6.78 percent. The blue chip FTSE/ATHEX 20 index shrank by 7.34 percent to end at 1,109.35 points. Stocks across the board in Greece recorded a significant decline, with pessimism returning after the end of the US elections. All blue chips registered losses, led by Marfin Investment Group (down 11.24 percent), Marfin Popular Bank (10.78 percent), Bank of Cyprus (10.48 percent), Hellenic Postbank (9.77 percent), Titan cement (9.35 percent) and National Bank (8.09 percent). Turnover reached 207.1 million euros.