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Summary Slump in share prices of Nokia and Credit Suisse dragged down European shares Thursday.
Investors still avoiding equities due to fears over the euro zone debt crisis.The FTSEurofirst 300 index provisionally closed down 0.3 percent at 983.78 points.Finlands Nokia slumped 18 percent after issuing a profit warning and announcing 10,000 job cuts, while Credit Suisse dropped 10 percent after the Swiss National Bank (SNB) urged the company to boost its capital to shield it from the risk of an escalation of the euro zone banking crisis.Investors said that although European shares now appeared to present a relatively cheap buying opportunity, it remained too risky to re-enter European stock markets ahead of Greek elections on June 17, which could determine whether or not Greece stays in the euro zone currency bloc.I definitely think theres good value in European shares at the moment but theres too much volatility to take a chance right now, said Hartmann Capital trader Basil Petrides.
