Global slump to drag stocks lower

The Athens bourse looks set to hit new lows today after stock markets worldwide tumbled on Monday as a reaction to even more bleak news from the financial sector. The Athens Exchange’s benchmark general index eased 0.36 percent on Friday, to end at 1,535.82 points, bringing its losses for the week to just over 4 percent. Selling pressure, particularly in banks, has weighed on the Greek market as it moves closer to the 1,462-point mark, the lowest level seen since May 2003. On the earnings front, Eurobank, Greece’s second-largest lender, is expected to report full-year 2008 earnings tomorrow. In London yesterday, the FTSE 100 index of leading shares lost 5.33 percent to 3.625,83 points, its worst finish since the end of March 2003. In Frankfurt, the DAX fell 3.48 percent, while in Paris the CAC 40 tumbled 4.48 percent to 2,581.46 points, a level not seen since March 13, 2003.

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