Weak bank stocks pulling down Paris Bourse
Submitted by William Kaelin on Mon, 09/15/2008 - 11:51.
Reacting to the collapse of US bank Lehmann Brothers, the Paris Bourse plunged by nearly 5 per cent at midday on Monday, led downward by financial shares.
The big losers of the morning included the banks Credit Agricole and Societe Generale, which were down 11.26 and 9.48 per cent, respectively.
The insurance giant Axa lost 10.72 per cent of its value, while the shares of two other banks, Dexia and BNP Paribas, fell by more than 8 per cent.
Shortly after noon, the Paris Bourse's benchmark CAC 40 had lost 4.75 per cent, to stand at 4,126.75.
Shares fell 2.1 per cent Friday on the Seoul stock exchange on general recession fears. South Korea's won dropped against the dollar.
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