European stocks end low

November 20, 2001 Posted: 1743 GMT

LONDON (CNN) -- Europe's major bourses ended the day lower, as technology and media stocks tumbled.

London's FTSE 100 slipped 0.7 percent to 5,298.7 and the CAC 40 blue chip index in Paris fell 1.4 percent to reach 4,593.5, while Frankfurt's electronically traded Xetra Dax declined 1.9 percent to 5,088.

The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down 1.2 percent, with the technology, media and electronic sectors among the biggest declines.

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German electronics component maker Epcos (FEPC) dropped 11.6 percent after reporting a hefty fourth quarter operating loss and saying it faced a tough first half next year. Parent Siemens (FSIE), Germany's largest telecom equipment maker, dropped 2.8 percent.

Among other technology stocks, Alcatel (PCGE), Europe's fourth-largest phone equipment maker, lost 5.6 percent, and Philips Electronics, Europe's biggest consumer electronics company, fell 4 percent. Finnish mobile phone maker Nokia lost 3.8 percent and Swedish rival Ericsson dropped 3.5 percent.

ARM Holdings (ARM), Europe's biggest chip designer, fell 7.05 percent in London and the continent's biggest chip maker STMicroelectronics (PSTM) shed 5.5 percent in Paris.

France Telecom (PFTE) dropped 3.9 percent while its mobile phone unit Orange (PORA) lost 3.95 percent.

Media stocks were also hit with French TV station TF1 leading the slide with a 10.2 percent loss.

But oil stocks rose as P&O Princess and Royal Caribbean announced they would merge. P&O (POC), the world's third-largest cruise company, soared 14 percent.

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BP (BP-), the world's third-biggest oil company, gained 3.7 percent and Royal Dutch, which owns 60 percent of the world's second-biggest oil company, Royal Dutch/Shell, rose 4 percent. Shell rose 4.1 percent while France's TotalFinaElf added 2.1 percent.

Brent crude oil futures were a few cents higher, at just over $18 a barrel compared with less than $17 at its low on Monday.

In Amsterdam the AEX index fell 1.4 percent and the SMI in Zurich was 1.9 percent lower, while Milan's MIB30 index slid 1.7 percent.

U.S. stocks opened lower on Tuesday as investors paused from a stock-buying spree that had pushed the major indexes to recent highs.

The Nasdaq composite index fell 1.5 percent, to 1,905.5, and the Dow Jones industrial average slid 0.5 percent, to 9,929.06.