European technology stocks were lagging in Thursday morning trading, following on from a wobble in Asian trading and a sell-off in the U.S. on Wednesday.
Europe's tech index, the Stoxx Europe 600 Technology, was under pressure early in the session, falling 0.16% to lead sector decliners around the region and extend its 2.9% loss over the past five days.
Much of the sector's weakness was linked to a warning from investment bank Morgan Stanley (MS) earlier this week after it reduced its rating on Samsung Electronics (SSNLF) , the world's biggest chipmaker, to 'equal weight' from 'overweight' and cautioned that the memory chip sector's so-called "super cycle" is close to peaking, noting "downside risk as NAND prices have started to reverse" and "visibility on DRAM supply-demand dynamics has reduced" into next year.
Dutch semiconductor maker ASM International (ASMIY) shares were down 0.78%, changing hands at €57.21. Dialog Semiconductor (DLGNF) shares were marked 0.96% lower, trading at €36.75, extending a 5% loss over the past five days. Infineon Technologies (IFNNY) shares were down 0.32% at €23.15.
Chipmakers were under pressure in Asia, with Samsung Electronics down 3.4% and South Korea's SK Hynix, also one of the world's biggest chipmakers, fell 6.8%.
Micro Focus International plc (MFGP) the U.K.'s biggest listed tech company following the completion of HHewlett Packard Enterprise's (HPE) software business, shares were down 2.12% in London, changing hands at 2,445 pence, extending a 5% loss over the past month. Deutsche Bank this week downgraded the stock to 'hold' from 'buy', saying, "with limited upside potential to our price target, we believe the risk/ reward is now rather more balanced and downgrade to Hold."
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