Frankfurt Dax: 3,038.68 (+29.4)

THE Frankfurt stock market continued to build on last week's record highs, the DAX index closing up, 0.98 per cent at 3,038.68 points.

Dealers said the market benefited from the continued strength of the dollar, which reached 1.6293 deutschmarks, compared to 1.6036 deutschmarks on Friday.

Banks and insurance stocks rose but chemicals did less well.

Commerzbank rose 0.84 deutschmarks to DM44.65, Dresdner Bank was up DM1.60 at DM53.70 and Deutsche Bank gained DM2.36 to close at DM81.24.

Automobile stocks, which are affected by exchange rates, also gained ground.

Paris CA-40: 2,406.10 (-18.7)

The Paris bourse also continued to rise above Friday's historic highs in early trading but fell back on profittaking, the CAC-40 index ending the day down 0.78 per cent at 2,406.10 points.

Milan Mibtel: 12334 (+30)

The Italian market rose as the lira strengthened on the foreign exchange markets.