LONDON -- It was a terrible day for European technology companies.
In London, the
index of leading tech stocks closed 428.6 points lower at 5,070.8. The 7.8% fall was its biggest one-day fall. This also brought down the
, which ended 40.1 lower, or 0.6%, at 6,447.0.
The much publicized
, which debuted Tuesday, ended the session 75p down, or 15.4%, at 412.5 ($6.48). Retail investors who were granted a measly 35 shares each can just about afford a bottle of mineral water with their profits.
appears to have saved the day in the bio-techs, after the brokerage issued a buy note late this afternoon claiming that shares in this particular sector have fallen too far. The biggest casualty on the downside was
, which ended 480p lower, or 17.7%, at 22.25 pounds. Another early casualty
finished 137p off, or 5.6%, at 32.00 pounds, but at one point today was 550p lower.
Techs under the hammer included
, which fell 14.50 pounds, or 10.8%, to 120.00 pounds.
London Bridge Software
collapsed, finishing 820p lower, or 10.5%, at 69.70 pounds.
fell 800p, or 14.0%, to 49.00 pounds, its love affair with the market temporarily over.
lost 615p, or 10.0%, to 55.34 pounds, and
Geo Interactive Media
gave up 475p, or 16.1%, to 26.00 pounds.
ended down 491p, or 10.9%, at 41.00 pounds.
Against the trend,
rose 135p, or 4.5%, to 31.12 pounds on news that it is set to provide a web-based solution product to
The market was on drugs today.
rose 132p, or 7.8%, to 18.17 pounds, and its merger partner
ended the session 45p higher, or 5.8%, at 820. Who say's there's no life in these middle-aged stocks?
rose 99p, or 4.0%, to 25.92 pounds.
Technology and telecommunications shares caused the major continental stock markets to close in negative territory. The
in Frankfurt closed down 235.59, or 3.1%, at 7414.46 and the
in Paris finished 161.41 lower, or 2.5%, at 6188.94.
In Frankfurt, Dax heavyweight
fell 6.21 euros, or 7%, to 81.89 ($79.22), continuing its slide from Tuesday.
Tech favorites also got hit.
fell 3.40 euros, or 2.6%, to 128.50,
dropped 17.71 euros, or 10.4%, to 153.09 and software maker
closed off 64 euros, or 6.5%, at 926.
Some investors remained sanguine despite the day's losses. "I don't think this is anything to get too worked up about," said one Frankfurt-based trader.
was the day's biggest gainer amid reports that the company is preparing to dump its loss-making Rover unit in the U.K. BMW closed up 3.74 euros, or 13.7%, at 31.05. That helped other auto companies like
finish 0.55 euros higher, or 1.3%, to 42.91.
In Paris, telcos weren't spared any pain, as
dropped 7.60 euros, or 4.1%, to 176.50 and
closed 11.90 euros lower, or 5%, at 229.10.