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UK: LONDON: STOCK MARKET FALLS

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English/Nat Share prices, led by falling technology stocks, dropped sharply on the London Stock Exchange in trading on Monday, following falls in Wall Street on Friday and in Asia earlier in the day. But analysts said they had expected the fall-out to be much worse. Within the first half hour of Monday's trading, the F-T-S-E 100-Share Index of blue chip stocks dropped 246-point-7 points, or four per cent, from Friday's close, falling through the 6-thousand-point barrier to 5,931-point-4. At 9 a-m (0800 GMT), the FTSE-100 steadied to 5,931.3 points, down 216.8 from Friday's close. The fall came as investors questioned the future of loss-making high technology and internet companies. Traders reported thin volume of sales as analysts battled to interpret how Wall Street would fare later in the day. But they said the market was overreacting to Friday's Wall Street share sell-off. SOUNDBITE: (English) "Well, it's not a meltdown it's not Armageddon. A lot of that is overdone. What we really have had a divergence between the old economy and the new economy stocks. SUPER CAPTION: Tom Sheridan, Managing Director, Barclays Stockbrokers Analysts advised investors not to panic sell. SOUNDBITE: (English) Q: So your message to investors that might be a bit worried this morning? A: No panic. This is not the end of the world. What we're seeing now for people that are already in the market, stay there, relax, keep your eyes open, there's going to be some good value opportunities for the short term in terms of those who are looking at the high tech sector, you need to discern which of those stocks are actually going to make money. Those which will eventually make money will justify some of the prices that they've seen. Hang in there." SUPER CAPTION: Tom Sheridan, Managing Director, Barclays Stockbrokers For analysts and investors the big question was whether the falls were the market adjusting to overheated prices of hi-tech shares, or the start of a crash similar to that of October 1987 when Wall Street plunged and the FTSE-100 index fell 20 per cent in a single day. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/c72e60ebd4b927133f3904b83ab43184 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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