Folli Follie

Bank stocks continued to slide on Tuesday, dragging the rest of the local bourse down with them, as their index has now seen all of the gains registered since the start of the year wiped out. Whether the benchmark manages to post a positive or negative result for the first half of 2014 now hinges on this week’s remaining sessions.

The local bourse’s fourth consecutive day of losses, albeit relatively small, wiped out all of the benchmark’s gains since the start of the year on Tuesday.

The main index is now 0.16 percent worse off than on January 1, with observers noting that the valuation of a number of listed companies are not justified by the fundamentals.