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Paris shares close higher as banks lead rebound after Fed cuts discount rate


Published : Fri, 17 Aug 2007 17:02
By : Agencies
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PARIS (Thomson Financial) - Share prices closed sharply higher as the Federal Reserve's decision to cut its discount rate, citing increasing risks to economic growth from current market turbulence, sparked a rebound led by financial stocks, market sources said.

The CAC-40 index finished up 98.16 points or 1.86 pct at 5,363.63.

Among CAC-40 stocks, 30 closed higher and 10 closed lower.

On the broader indices, the SBF-80 index closed up 88.07 or 1.40 pct at 6,386.85 while the SBF-120 ended 69.09 or 1.80 pct higher at 3,906.87.

The euro strengthened against the dollar following the Fed's rate cut, trading at 1.3490 versus 1.3402 late yesterday.

tfn.paris@thomson.com

gt/gp

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