French shares slip on Italy crisis concerns

13:48, July 12, 2011      

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Shares of the main French stock exchange CAC 40 lost ground on Monday and closed in red due to sharp decline in the heavyweight banking sector.

On Monday session investors stayed away on mounting concerns about the spreading of the Greek crisis to neighbor countries, particularly Italy, Europe's third largest economy.

The French benchmark index dropped by 2.71 percent to 3.807 points on the closing bell of the trading session.

Shares lost momentum due to dim performance of banks affected by the uncertainty clouding Italy economy. Banking sector which dominates the stock market's top flight, fell by 6.39 percent to 506.60 points.

Stocks of leading banks of Credit Agricole and BNP Paribas shrunk by 7.66 percent and 6.75 percent to 8.746 euros (12.267 U.S. dollars) and 46.455 euros (65.140 U.S. dollars) respectively.

Source: Xinhua
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