European Closing Update: U.S. Weighs on Europe's Markets - TheStreet

LONDON -- A modest rise in pharmaceutical stocks and a few select retailers couldn't hide what was, overall, a fairly depressing day in the UK. The FTSE 100 tried to shrug off events stateside for most of the day, but once Wall Street started moving lower again, it seemed to have no choice but to play follow the U.S. leader.

By the close, the FTSE 100 stood 66 points lower, or 1.0%, at 6302. The tech sector looked even more out of sorts, with the

Techmark 100

down 102 points, or 3.0%, to 3356.

Unsurprisingly after

Nortel's

woes, optical-component maker

Bookham Technology

(BKHM)

was the blue-chip index's biggest loser, shedding 11.3% to

21.50 ($31.18).

Baltimore Technologies

(BALT)

was also under pressure, despite signing a major deal with

Motorola

(MOT)

for the development of mobile Internet security. The stock initially rose nearly 4% to an intraday high of 572p, but fell back to close 4.4% lower at 527.

Among the chip designers,

ARM Holdings

(ARMHY)

lost 3.4% to 652p, while

Parthus Technologies

(PRTH) - Get Report

felt the pressure from an imminent share placing and tumbled 7.5% to 248p.

Drug stocks provided some level of support.

AstraZeneca

moved up 1.5% to

32.16 despite being downgraded by many brokers following poor earnings results Wednesday. Elsewhere in the sector,

Shire Pharmaceuticals

rose 2.6% to

13.85.

In the media sector,

Granada Media

and

Carlton Communications

sold off on fears about advertising revenues. Granada fell 7.1% to 368, while Carlton lost 6.3% to 534.

BSkyB

(BSY)

bucked the trend by rising 2.7% to 885 ahead of next week's earnings.

Europe's other stock markets finished on a mixed note, as the

CAC 40

in Paris ended down 69.5, or 1.1%, at 6208.4 but the

Xetra Dax

in Frankfurt was up 47.7, or 0.7%, at 6795.9 late in German trading. The Neuer Markt's tech-heavy

Nemax 50

index was up 14.1, or 0.3%, at 4623.1.

French telecom-equipment maker

Alcatel

(ALA)

continued to suffer from worries surrounding rival

Nortel

(NT)

. After tanking 8% on Wednesday, Alcatel dropped a further 3.90 euros, or 5.3%, to 70.50 ($58.37).

Elsewhere in Paris,

France Telecom

(FTE)

ended down 4.00 euros, or 3.3%, to 119.00 and

Equant

(ENT) - Get Report

fell 0.49 euros, or 1.3%, to 37.43.

In Frankfurt,

DaimlerChrysler

(DCX)

fell 0.63 euros, or 1.2%, to 51.95, after releasing disappointing third-quarter earnings. Rival

Volkswagen

(VLKAY)

fell 0.70 euros, or 1.3%, to 53.40.

Heavyweight

Deutsche Telekom

(DT) - Get Report

helped prop up the Dax, rising 1.23 euros, or 3%, to 42.58.