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European Stocks Close Down

November 12, 1999

LONDON (AP) _ European shares closed lower Friday as technology and telecommunications shares lost ground after a recent rally.

The Dow Jones Stoxx Index of 600 European companies closed down 0.41 points, or 0.1 percent, at 331.34, with the technology sector the biggest loser, down 2.4 percent.

In London, Vodafone AirTouch shares fell 6.6 percent on investors’ concern over reports that the company plans a $100 billion hostile takeover bid for Germany’s Mannesmann AG.

Richard Davidson, European equity strategist at Morgan Stanley Dean Witter, said telecommunications and technology shares ``need to pause for breath,″ and further gains are expected in the medium term.

The Dow Jones Euro Stoxx Index, which tracks 310 companies in countries that joined the single currency, closed down 0.39 points at 349.24.

The Dow Jones Euro Stoxx 50 Index fell 6.65 points to 4,133.93, while the DJ Stoxx 50 Index closed down 13.52 points at 4111.33.

Frankfurt’s Xetra DAX index was down 0.2 percent to 5,791.05, Milan’s MIBtel index fell 0.5 percent to 33,930, Amsterdam’s AEX Index fell 0.8 percent to 589.07 and London’s FTSE 100 index of blue-chip shares fell 0.6 percent to 6,511.60.

But the Paris CAC-40 index closed up 0.2 percent at 5,141.51, another record high. France’s benchmark stock index is now 30 percent higher than at the beginning of the year.

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