LONDON -- U.K. market makers have become defensive after the trials and tribulations of Wall Street overnight, and the FTSE 100 was down 90.4 points to 6266.6.



staged an about-face in the last hour of trading that saw the composite index lose a 100-point gain to finish with a net loss of 93 points. That slimmed any chance of the technology sector recovering from the current rot, and the


index fell 78.9 points to 3644.0.

Baltimore Technologies


was down 401p to

66.70 (US$105.39),

ARM Holdings


slid 147p to


London Bridge Software

was 137p lower to

41.20 and



shed 83p to


It wasn't all one-way traffic.

JSB Software Technologies

jumped 125p to

19.00 following very good third-quarter figures. Also,

Fine Art Developments

rose 20p to 279 on news that it is to provide a home shopping e-fulfillment service to


, which was unchanged at 475.

The telecom sector featured two heavyweights, but they were moving in opposite directions Friday morning.

British Telecom


continued to respond to its

restructuring plan and gained 11p more to

11.44. But as

Vodafone AirTouch

(VOD) - Get Report

topped BT's bid for license B in the third-generation mobile-phone auction with a counterbid of

5.125 billion, it lost virtually all of Thursday's 11p gain to trade at 313.

Colt Telecom


slipped 27p to


Europe's other major markets also were lower. The

Xetra Dax

in Frankfurt was down 69.54 to 7379.52, and the

CAC 40

in Paris lost 50.11 to 6214.23.

Perhaps boding ill for the imminent initial public offering of its Internet unit,

Deutsche Telekom

(DT) - Get Report

slipped 2.73 euros to 71.90 (US$69.02). Other European telcos saw little interest from investors heading into the weekend, with

France Telecom


down 2.20 euros to 164 and


(TEF) - Get Report

off 0.20 euro to 24.82.

In Frankfurt, both

Dresdner Bank





continued to gain amid speculation they might merge. Dresdner was up 0.39 euro to 46.38, and Commerzbank was 1.14 euros higher to 42.64.

German tech shares were mixed, with


(EPC) - Get Report

up 4.19 euros to 130, software maker


(SAP) - Get Report

almost unchanged at 628.50 euros and



down 2 euros to 141.75.