french bourse tumbles after ecb statement
Last Updated : GMT 20:13:59
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French Bourse tumbles after ECB statement

Arab Today, arab today

Arab Today, arab today French Bourse tumbles after ECB statement

A trader looks at computer screens
Paris - KUNA

Share prices tumbled on the Paris Stock Exchange Thursday following sentiment that the European Central Bank (ECB) had not taken enough decisive action to inject liquidity into European markets, even though the ECB did leave interest rates at historic low levels.
Traders at "Boursorama Brokerage" here said that the CAC 40 index of top shares fell 2.81 percent to close at 4,242.12 points, a drop that was also reflected on other European markets which all lost ground.
The ECB said it would soon begin "asset backed" bond purchases that are secure and help keep the market liquid but this would begin in mid-October and would be limited.
Traders said that the market wanted more decisive and more important action sooner to help markets.
Major banking and industrial shares all lost significant ground in Paris Thursday, with French bank Societe Generale leading the losses with a drop of 5.05 percent.
Total oil company lost 4.98 percent and BNP-Paribas bank lost 3.48 percent. Veolia Environment and Industrial Saint Gobain were also among the big losers.
The Euro gained some ground back against the USD today, easing up 0.46 percent to trade at USD 1.2676.

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