European stocks end lower
Jan. 21, 2000
LONDON (AP) _ European stock prices fell Friday as telecommunications stocks slid lower following a drop in Deutsche Telekom shares.
The Dow Jones Euro Stoxx Index, which tracks 313 shares in companies in countries that joined the single currency, fell 2.83 points to close at 404.29. The Dow Jones Euro Stoxx 50 Index fell 59.4 points to 4,719.3.
The Dow Jones Stoxx Index of 606 shares in European companies fell 1.01 points, or 0.3 percent, while the Dow Jones Stoxx 50 Index fell 23.1 points to 4,532.50. The telecoms sector index ended down 1.5 percent.
Press reports that Deutsche Telekom had told analysts its profit outlook for 2000 had worsened hit its stocks, despite the company's denial of the comments.
``Deutsche Telekom hit the whole index very badly,'' said David Morrison, an analyst at the spread betting firm Financial Spreads.
France Telecom ended down 2.0 percent, and Vodafone Airtouch was down 5.1 percent. Shares of Telefonica de Espana, more than 25 percent of the Spanish market, were down 1.6 percent, and Telecom Italia was down 1.5 percent.
Frankfurt's Xetra DAX Index fell 1.7 percent, or 119.91 points, to 6,992.75.
London's FTSE-100 Share Index closed down 2.4 points at 6,346.3.
Bargain hunting gave a boost to London's banks, including Woolwich, Standard Chartered, Abbey National, Lloyds TSB, Halifax, HSBC Holdings and National Westminster Bank.
The Paris CAC-40 Index was down 0.5 percent to 5,681.32, Milan's MIBtel Index up 0.2 percent to 42,317 and Amsterdam's AEX Index down 0.5 percent to 641.47.