Reuters: Global Markets: Monte Paschi shares down 6 percent in volatile trade

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Monte Paschi shares down 6 percent in volatile trade Jan 30th 2013, 11:15 Tweet Share this Email Print Related News Italy - Factors to watch on Jan. 30 2:46am EST Monte Paschi ignored warnings over risk, documents show Tue, Jan 29 2013 No need to put Monte Paschi under administration: Italy econonmy minister Tue, Jan 29 2013 Italy's Monte Paschi finds no evidence of takeover bribes Mon, Jan 28 2013 Monte Paschi "document on derivatives" not present in records: CEO Mon, Jan 28 2013 Analysis & Opinion MPS saga not just a local affair Could the banking union have avoided Monte's mess? Related Topics Hot Stocks » Asian Markets » The main entrance to Monte Dei Paschi bank headquarters is pictured in Siena January 25, 2013. Credit: Reuters/Stefano Rellandini MILAN | Wed Jan 30, 2013 6:15am EST MILAN (Reuters) - Shares in scandal-hit Italian bank Monte dei Paschi di Siena (BMPS.MI) were briefly suspended from trading for excessive losses on Wednesday after falling more than 5 percent in volatile trade. By 1112 GMT (6.12 a.m ET), the stock was down 6 percent at 0.252 euros. The stock had reached a one-month low of 0.23 euros on January 25 as a scandal over opaque derivative trades emerged, before staging some gain in the following sessions. "I think it's mostly speculation that drives the share price," a Milan trader said. "As the rebound is losing steam some investors are focusing on the fact that target prices of most brokerages are below 0.2 euros." Monte Paschi shares opened up around 2 percent. The European bank stocks index .SX7P was down 0.2 percent. (Reporting By Valentina Caiazzo, writing by Danilo Masoni, editing by Antonella Ciancio) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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