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Thursday, 23 November, 2000, 09:09 GMT
Markets steady after Nasdaq tumble
Traders on the floor of the New York stock exchange on Wednesday
Traders in New York watch prices falling again
European and Asian stock markets appear to be brushing off the latest large falls in US technology shares.

Wednesday had seen the US technology-heavy Nasdaq index fall 4% to 2,755.3, its lowest levels for more than a year.

This led to sharp early falls in Asian markets on Thursday, but they later recovered the worst of the lost ground as a result of bargain hunting, and a rebound in prices for computer chip companies.

The upwards momentum continued in Europe, with London's FTSE 100 up 22.4 points to 6,243.8, the French Cac 40 up 32 at 5,976.7 and Germany's Dax up 32.5 at 6,541.6.

Japanese markets closed for a public holiday, so the focus in Asia was on Hong Kong, which recovered some of its early heavy losses to leave the Hang Seng index closing 209 points lower at 14,563.5.

In South Korea, the main composite ended 3.9 points down at 5128.42 points, helped by a recovery in flagship company Samsung Electronics.

Wednesday's falls were prompted by continuing uncertainty over the eventual outcome of the US presidential election, with tech shares again bearing the brunt of the decline.

The latest company to get hammered was Portal Software, which tumbled more than 63% to $6.75 after posting lower than expected revenues.

Older economy stocks proved more resilient, as investors again looked for firms with a current record rather than a potentially bright future.

The Dow Jones industrial average (DJIA) fell 95.18 points to end at 10,399.3.

The DJIA was underpinned by a rebound in Coca-Cola, which jumped $4.3 to $59.6 after scrapping plans to buy Quaker Oats.

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See also:

22 Nov 00 | Business
Nasdaq bears brunt of share slide
22 Nov 00 | Business
Japan shares hit fresh low
14 Nov 00 | Business
Nasdaq bounces back
14 Nov 00 | Business
Stockmarkets hold firm
10 Nov 00 | Business
Markets tumble on election turmoil
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