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June 28, 2008
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Saturday
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Jamadi-us-Sani 23, 1429
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Global stocks mostly lower
LONDON, June 27: European stock markets closed mostly lower on Friday, extending losses in a global sell-off sparked by growing concerns about the economic outlook as oil prices soared to fresh records.
Dealers said that after a sharp fall of 3.0 per cent on Thursday on Wall Street, Asian markets had only one way to go Friday and their retreat set Europe up for another tough day.
The downturn, however, was somewhat limited given the significant losses posted on Thursday -- well above 2.0 per cent in most European centres -- as investors tried to find some safety.
In London, the FTSE 100 index recovered from early losses to finish with a gain of 0.21 per cent to 5,529.90 points.
However, in Paris, the CAC 40 shed 0.65 per cent to 4,397.32 points and in Frankfurt the DAX index lost 0.58 per cent to 6,421.91 points and there were losses on most other markets.
The Euro Stoxx 50 index of leading eurozone companies was down 0.77 per cent.—AFP
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