The overall picture in technology remained fragile although stocks tried to stage a technical bounce from Friday's falls. The sector has lost 40 per cent this year.
Dutch chip equipment maker ASML rose in morning trade after Douglas Dunn, its chief executive, said: "ASML is seeing early signs of a recovery in semiconductors." Announcing an Asian contract worth €200 million, he said: "The magnitude of this opportunity, coupled with other recent developments in the market, indicates that a slow and moderate upturn might be under way." But the shares fell back to end 0.4 per cent down at €21.11.
Franco-Italian chipmaker STMicroelectronics rose 1.3 per cent to €31.72 but Germany's Infineon fell 0.7 per cent to €17.60. Components maker Epcos added 4.9 per cent to €42.60.
But mobile phone makers Ericsson and Nokia, spared in last Friday's big falls, were punished yesterday. Ericsson fell 1.7 per cent to another 5½-year low of SKr23.10 and Nokia lost 1.7 per cent to €16.67. Hapless media company Vivendi Universal also hit a 5½-year low of €31, reversing a gain in the morning.
Telecom stocks regained some of last week's falls. Deutsche Telekom, which on Friday hit a record low, rose 1.8 per cent to €13.03, and France Teleco€m rose 1.4 per cent to 23.20.
Swedish operator Telia, in the midst of taking over Finnish rival Sonera, confirmed preliminary first quarter sales and earnings figures but said its target of 8 per cent revenue growth this year would be hard to reach.
