LONDON -- Friday wasn't shaping up to be a particularly memorable session, as the proximity of the weekend kept many people away from the market and the Nasdaq's weak close hurt technology shares. Consequently, the red pen has come out, and prices have been slashed even before the sellers could get going. This morning, the FTSE 100 was down 121.2 points to 6111.7, while the Techmark index of leading technology shares was 120.2 lower to 3224.0.

Vodafone AirTouch

(VOD) - Get Report

accounted for around a third of the Footsie's drop, losing 11p to 254 (US$3.77), as telcos remained unloved.

British Telecom

(BTY)

fell a further 38p to 884. Just after its annual figures were released Thursday, the share stood at

10.15.

Leading the tech stocks lower,

Bookham Technology

(BKHM)

halted its recent impressive run, and slipped back 250p to

36.75, while

Logica

fell 125p to

15.30.

When you consider that

Marconi

(MCONY)

was quoted as low as 675p just one month ago, it is hardly surprising that investors looked at the price this morning of 870p, skipped through a set of good full-year results and locked in some profit. In a classic example of buying on the rumor and selling on the fact, Marconi was down 39p this morning to 838.

BP Amoco

(BPA)

, down 2p to 610, has received unconditional regulatory clearance from the

European Commission

for its proposed acquisition of

Burmah Castrol

(BURMY)

, up 33p to

16.43. With U.S. approval already granted, the deal should be completed by the third quarter, allowing growth and savings targets to be implemented in the current financial year.

Europe's other stock markets were also in negative territory Friday, as technology shares floundered following the Nasdaq's miserable close Thursday. The

Xetra Dax

in Frankfurt was down 138.60 to 7042.98 and the

CAC 40

in Paris was 171.26 lower to 6280.71. The

Neuer Markt's

Nemax 50

index was down 150.71 to 6646.79.

In Frankfurt, big techs were all lower, as

Siemens

(SMAWY)

dropped 2.60 euros to 147.60 (US$131.88),

Epcos

(EPC) - Get Report

was off 4 euros to 142 and software maker

SAP

(SAP) - Get Report

fell 11.85 euros to 574.50.

German banks all gave up gains made Thursday, with

Commerzbank

(CRZBY)

down 0.69 euro to 40.50,

Deutsche Bank

(DTBKY)

off 1.20 euros to 81.56 and

Dresdner Bank

(DRSDY)

down 1.89 euros to 43.50.

European telcos were also getting hammered Friday, as

Deutsche Telekom

(DT) - Get Report

fell 1.80 euros to 58.46,

France Telecom

(FTE)

dropped 5.10 euros to 145.90 and

Telefonica

(TEF) - Get Report

dipped 0.28 euro to 22.78.