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Europe Stocks Close Mostly Lower

April 11, 2000

LONDON (AP) _ Telecommunications and technology shares dragged down European bourses Tuesday.

In late European trading, the Dow Jones Euro Stoxx Index _ which tracks companies in countries that joined the single currency _ was down 107.9 points at 5,174.4. The Dow Jones Stoxx Index of shares in European companies fell 7.92 points to 384.96, while the Dow Jones Stoxx 50 Index fell 102.6 points to 4,939.3.

Some analysts said they were worried by the lack of volume in recent trading, and noted many investors seemed to be waiting on the sidelines.

In domestic markets, London’s FTSE-100 Share Index fell 2.3 percent to 6,379 as investors bailed out of high tech stocks. The information technology hardware subindex was down 8.4 percent and software was down 8.8 percent. ARM Holdings led the slide, closing down 14.1 percent.

Frankfurt’s Xetra DAX Index fell 0.9 percent to 7,442.66. Deutsche Telekom and Siemens were among the bigger decliners in the telecoms and technology sectors but bank stocks showed positive gains. Dresdner was among the more aggressively traded stocks after talk of a management restructuring.

The Paris CAC-40 Index was down 1.6 percent to 6,261.42 after a fall in technology and media-related stocks. Canal Plus and France Telecom were among the day’s biggest losers while oil giant TotalFina, Michelin and Axa turned in strong performances.

Milan’s MIBtel Index, heavily weighed in technology stocks, experienced losses of 2.3 percent Tuesday to 30,673.

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