LONDON -- A jittery, tense mood hung over London's equity markets as investors reacted to the deteriorating situation in the Middle East. By midday, the
was down 16.6 points to 6115.3 and the
was 99.1 points lower to 3302.49.
Oil stocks, which rose sharply in early trade, succumbed to profit-taking. "Oil shares have had a good run of late on the back of rising crude oil", says
Williams de Broe's
Peter Hitchens. "But the slightest hint of disruption of supplies causes investors to take their profits while they still can." That led the shares of
11.5p lower to 635 ($9.33), while
came off its early highs to trade 11p lower to 600 by midday.
Tech stocks were punctured by fears of an economic slowdown.
was one of the biggest decliners, shedding 69p to
wasn't far behind, plunging 84p to
The negative vibes spread to some telecom stocks as well. Worries about financing and the costs of rolling out third-generation mobile communications just won't go away.
fell 10p to 680. In contrast,
was able to rise 3p to 240.
Banks were mixed.
saw their shares marked down by 8p to 906 and 24p to 921 respectively after a poor
Asian trading session. But
bucked the trend and rose 41p to
Europe's other major stock markets were mixed Friday, as the
in Paris was down 53.02 to 5937.68 and the
in Frankfurt was up 5.07 to 6470.33. The
index was 124.2 lower to 4095.0.
German blue-chip tech shares were able to shake off the broader negative sentiment, as
rose 1.50 euros to 49.25 ($42.45),
was up 4.29 euros to 143.69 and
rose 4.50 euros to 230.30.
Telecom shares, however, were lower across the Continent, as
dipped 0.85 euro to 97.40,
was off 0.15 euro to 35.75 and
was off 0.47 euro to 21.48.
Old Economy stocks performed well Friday, as
rose 1.59 euros to 53.19 and
climbed 1.16 euros to 54.81.