July 24, 2007	Tuesday	Rajab 08, 1428

LONDON, July 23: Europe’s main stock markets mainly extended losses on Monday following heavy falls last week, as dealers tracked news across the insurance and banking sectors.

Turkish shares hit a record high point after Turkey's Justice and Development Party (AKP) government had won re-election on Sunday.

The Istanbul Stock Exchange's IMKB-100 index hit an all-time high of 55,058.80 points shortly after trading began, boosted by the prospect of continued economic stability in Turkey.

In London, British life insurers Friends Provident and Resolution confirmed they are in advanced discussions regarding a possible all-share merger worth 8.31 billion pounds (17 billion dollars). As a result, the share price of Friends surged by more than 7.0 per cent in London.

Nearing the half-way stage, London's FTSE 100 index of leading shares rose by 0.26 per cent to 6,602.10 points.

In Frankfurt the DAX 30 fell 0.17 per cent to 7,861.59 points and the Paris CAC 40 lost 0.16 per cent to 5,947.89.

The DJ Euro Stoxx 50 index of top eurozone shares edged down 0.09 per cent to 4,441.08.

The euro stood at $1.3813 after striking a fresh record high of 1.3845 in Asian trading.

In London, the share price of insurer Friends Provident soared by 7.43 per cent to 200.25 pence. Resolution, the company with which it is hoping to merge, gained 0.79 per cent to 634 pence.

British bank Barclays gained 3.08 per cent to 735.5 pence after sweetening its takeover bid for ABN Amro by including a cash element as part of a revised informal offer worth 67.5 billion euros ($93.3 billion).—AFP