Nervous profit-taking among technology stocks pushed Frankfurt steeply lower with the Xetra DAX index finishing down again for a two-day decline of 3.7 per cent.
Business software group SAP led the way down, falling €74.90 to €774.10. Since reports of a disappointing US analysts' conference filtered through to the market on Tuesday, the shares have lost 17 per cent. But all four of the tech heavyweights within the DAX took a pounding. Deutsche Telekom came off €1.44 and Siemens €5.75 at €148.50. Epcos, spun off by Siemens last October, fell €14.50 or 9.1 per cent to €145.50.
Banks lost ground in spite of a no change signal on interest rates from the European Central Bank and a steady day for bonds.
Deutsche Bank shed €1.44 at €70.21 and Dresdner €1.20 at €43.10. Commerzbank came off 2.28 at 40.05. Firm features were provided by sportswear leaders Adidas Salomon, up €1.90 at €58.60, and insurer Allianz, which gained €1.10 at €433.50.
The FTSE Eurobloc 100 index fell 2.8 per cent to 1,458.15 and the FTSE Eurotop 100 index 2.1 per cent to 3,800.60. The FTSE Eurotop 300 index gave up 2.4 per cent at 1,616.48.
Paris ended sharply down, rattled by Nasdaq's losses and troubles at a US hedge fund. Many technology stocks were deep in the red, with the top six losers on the CAC-40 all having a heavy stake in the new economy. Canal Plus was halted limit down, ending the day €12.6 per cent lower at €241.10, a fall of €34.90.
Milan was similarly hit by technology losses, including Internet portal operator Seat Pagine Gialle which took a hammering, losing 23 cents or 4.3 per cent to €5.17. Only four of 30 blue-chips stayed in positive territory. The Mibel index fell 2.8 per cent or 1,364 to 46,690.
Amsterdam was led lower by steep falls at Philips and KPN, which both tumbled more than 8 per cent. The AEX index closed off €18.27 at €664.46. Philips fell €16 at €181 and KPN €11.35 at €124.20, although in each case trading volumes were moderate.
