Shares Slip on Profit-Taking
May 05, 2011
The Bel-20 Index of leading Belgian shares slid 2.12 points to 1767.53 points. On Thursday, the index rose 15.73. Traders said investors may have stayed out of the market because they fear the Bundesbank's cut of the German repo rate to 3.0% from 3.3% Thursday may be its last. On Thursday, the German central bank cut its securities repurchase rate to a new low of 3% from 3.30%, propelling stocks and bonds higher across Europe amid hope of lower interest rates across the continent. But many European credit markets succumbed to some profit-taking early Friday, dragging down stocks with them, as analysts argued that the rate cut is likely to be the last in Germany's current cycle. The biggest rise of the day was from Powerfin, which recently won international contracts in the energy construction sector. It rose 95 Belgian francs to 4,620 francs, but on volume of only 8,231 shares.
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