French shares rebound strongly after early steep losses

PARIS, June 28 (KUNA) — Share prices on the Paris Stock Exchange rebounded strongly by almost 3.0 percent in morning trading Tuesday, following a lost of nearly 11.0 percent in the two previous sessions on fears of the impact of the British “Brexit” vote.
The CAC 40 Index of high-value “Blue Chip” shares rose to 4,094.02 points, a rise of 2.74 percent just ahead of midday.
Traders at “Boursorama Brokerage” said that operators and investors were starting to digest the Brexit vote and realise that changes to European Union trading and other economic systems would take some time to implement.
Bargain-hunters were also seeking to pick up good deals after the French market dropped 11.0 percent between Friday’s opening and Monday’s close.
But volume was relatively moderate Tuesday, with Euros 1.6 billion changing hands in the first three hours. Almost Euros 7.0 billion in business was done Monday on the Paris Bourse. If US markets open stronger, it could give a further boost to the European Bourses, the traders said. (End) jk.rk