Traders watch out for further losses
The Athens bourse may test the 2,100-point support level today after retreating more than 4 percent last week and a likely correction expected among its global peers. On Friday, the Athens bourse’s benchmark general index ended at 2,106.13 points, showing a loss of 4.74 percent for the week. It dipped to 2,099 points in intra-session trade. Brokers said National Bank’s rights issue, whose subscription period ends July 22, has added to selling pressure as investors trim positions in other shares to free up cash needed to take part in the lender’s share capital increase. On Friday, US stocks ended mainly lower with investors fretting over fears that recovery from the global recession remains distant. European shares also closed lower on Friday, notching up a fourth straight week of losses on worries about corporate earnings and the pace of economic recovery.
