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European Markets Join Global Dip

October 18, 1999

LONDON (AP) _ Share prices dropped Monday on European exchanges, with technology, financial and resources stocks leading the way.

The Dow Jones Stoxx Index of 614 European companies fell 2.57 points, or 0.9 percent, to close at 295.91. The Dow Jones Euro Stoxx Index, which tracks 310 companies in countries that joined the single currency, closed down 3.21 points at 311.65.

The Dow Jones Stoxx Basic Resources Index and the Financial Services Index were the worst performers, losing 1.9 percent each.

Rio Tinto, the biggest counter in the resources index, dropped 2.1 percent. The company said Monday that it is unlikely that a 30 percent stake in its Indonesian Venture PT Kaltim Prima Coal will be sold this month, despite an ultimatum by the government.

Technology decliners in Europe included Sage Group, down 3.4 percent, and Sema Group which was off 3,2 percent.

In London, the Financial Times-Stock Exchange 100-share index fell 0.6 percent to 5,869.20, with British Aerospace shares seeing further fallout on competition concerns.

Traders said the company has been sidelined by the merger of its two major Airbus partners, France’s Aerospatiale and Germany’s DASA. BAe shares closed down 3.6 percent.

In other markets, Frankfurt’s Xetra DAX index fell 0.5 percent to 5,156.28, the Paris CAC-40 index fell 0.7 percent to 4,495.30, Amsterdam’s AEX index fell 1.6 percent to 529.13 and Milan’s MIBtel index fell 1.5 percent to 31,602.

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