European Midday Update: Markets Open the Week Mixed - TheStreet

LONDON -- The leading U.K. shares suffered an opening markdown on the back of Friday's fall on Wall Street. By midmorning, the FTSE 100 was down 28.7 points to 6497.3. However, the Techmark changed its habit and ignored the gain in the Nasdaq; the U.K. index fell 11.0 points to 3342.5.

Oil shares remain strong ahead of Wednesday's

OPEC

meeting in Vienna. With the oil price hovering around the $30 mark, the oil majors are booking healthy profits and, with only a small production increase forecast, this looks likely to continue.

BP Amoco

(BPA)

rose another 5.5p to 631.5 ($9.54) and

Shell

(SC) - Get Report

added 4p to 576.5.

Psion

gained 88p, or 17.3%, to 598 following weekend reports, subsequently denied, that the hand-held computer maker and the other owners of

Symbian

intend to float the mobile phone venture much

sooner than previously stated.

Symbian is the joint venture between Psion and handset makers

Nokia

(NOK) - Get Report

,

Ericsson

(ERICY)

,

Motorola

(MOT)

and

Matsushita

(MC) - Get Report

. The venture is concerned with developing and establishing the standard operating system for next-generation mobile phones; it will be based on Psion's EPOC operating system, which is used in its palm-sized computers.

The recent strong run in media shares is over, at least for the moment. Profit-taking clipped 70p from

Pearson

to

21.50 and 35p from

BSkyB

(BSY)

to

12.85.

Europe's other major stock markets were up, with the

Xetra Dax

in Frankfurt up 25.78 to 7157.18 and the

CAC 40

in Paris 13.13 higher to 6469.39. The

Neuer Markt's

tech-heavy

Nemax 50

index was down 46.2 to 6,409.8.

In Frankfurt, action was slightly confused as the market sorted out the new re-weighting of the Dax. Merged utilities

Veba

and

Viag

, now the new entity

E.ON

(VEB)

, were down 0.87 to 55.98 ($53.94).

Siemens

(SMWAY)

subsidiary

Infineon

(IFX)

failed to profit from joining the Dax, falling 2.03 euros to 80.97.

However, other blue-chip German tech shares were higher, with software maker

SAP

(SAP) - Get Report

up 7.00 euros to 617.00, Siemens up 1.00 euro to 158.00 and

Epcos

(EPC) - Get Report

2.96 euros higher to 135.56.

After floating a tranche of 200 million new shares for 66.50 euros,

Deutsche Telekom

(DT) - Get Report

fell 2.04 euros to 66.02.

Telefonica

(TEF) - Get Report

was up 0.24 euro to 21.99 and

France Telecom

(FTE)

rose 3.80 euros to 157.20.