Business News

Amsterdam's AEX index drops below "red line"

Mar 2, 2009, 12:42 GMT

Amsterdam - The main index of the Amsterdam stock exchange AEX on Monday dropped to 211.86 points as of mid-afternoon, down 3.6 per cent from Friday's close of 219.81 points and well below the psychological 'red line' level of 218 points. The value of Dutch insurer Aegon shares had dropped the most, plunging 11.43 per cent) and stood at 2.55 euros (3.22 dollars). Employment agencies USG People (down 11.25 per cent) and Randstad (down 8.24 per cent) were next in line, followed by Dutch ING Group which lost 7.80 per cent and stood at 3.38 euros. Gains were relatively limited, with Royal Ahold leading the list (up 1.75 per cent) after publishing solid Q4 results for 2008 earlier on the day. The level of 218 points had been considered a psychologically important level by technical analysts because ever since the major drops began last fall, it had never dropped below that reading.

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