July 29, 2006	Saturday	Rajab 2, 1427

LONDON, July 28: European stock markets mostly fell on profit-taking on Friday following a positive run over recent days and as dealers digested mixed earnings results. London's FTSE 100 index of leading shares edged up 0.07 per cent to 5,933.50 points in early deals, while Frankfurt's DAX 30 index dipped 0.11 per cent to 5,653.10 points and the Paris CAC 40 dropped 0.34 per cent to 4,984.26.

The DJ Euro Stoxx 50 index of leading eurozone shares decreased 0.12 per cent to 3,677.25 points. The euro stood at 1.2687 dollars.

US stocks had lost ground to profit-taking on Thursday after energy behemoth ExxonMobil reported stronger-than-anticipated quarterly profits of more than $10 billion.

But Japanese share prices closed at the highest level in more than two weeks on Friday as investors welcomed robust earnings reports from local blue-chip companies, dealers said.

European indices fell, having risen during the past few days on strong company results.

In London, Prudential was the biggest faller on the FTSE 100, shedding 3.69 per cent to 573.5 pence after Britain's second-biggest insurance group reported a weaker-than-expected performance at its online banking arm Egg, dealers said.

British satellite broadcaster BSkyB rose 1.91 per cent to 560.5 pence after offering a positive outlook owing to strong demand for its new services.

In Paris, Michelin tyres jumped 3.48 per cent to 46.98 euros after publishing a mixed set of first-half results.

Michelin reported a 29.0-per cent fall in net first-half profit and cut its target for profitability this year, highlighting a surge in raw materials costs.

US broker Morgan Stanley retained, however, its 'equal-weight' recommendation for Michelin, noting that operating profit was in-line, and with a reduction in full-year guidance that was expected but not as negative as it had feared.

In New York on Thursday, the Dow Jones Industrial Average closed down 0.02 per cent at 11,100.43 points and the technology-rich Nasdaq market ended 0.77-per cent lower at 2,054.47.

The broad-market Standard and Poor's 500 lost 0.41 per cent to 1,263.20 points.—AFP