No sooner had the FTSE 100 opened for trading had it lost 41 points with tech stocks in decline afte...
No sooner had the FTSE 100 opened for trading had it lost 41 points with tech stocks in decline after handheld computer firm Psion said it was to axe 250 employees.
The Footsie is down for a seventh day in succession. It fell 41.1 to 5426.8 with Psion shedding almost a quarter of its value to fall 16p to 55p while troubled Marconi got back to losing ways having gained a little in recent days. It lost 4p to 108p on news that two US legal firms filed lawsuits against the telecommunications group.
The picture wasn't too pretty in the US yesterday either with its three core indices ending the day lower. After Corning, the producer of glass used in manufacturing telecom cable issued a profit warning tech stocks declined to take the tech focused Nasdaq index 63.92 points lower to 1962.79 while the Dow Jones 123.76 to 10,175.64 and the Standard & Poor's 500 fell 17.26 to 1181.52.
Corning fell 98 cents to $14.12, JDS Uniphase 95 cents to $10.79, Cisco $1.05 to 16.20, Ciena $2.92 to 29.32 and Juniper $2.88 to 25.17. In addition to the Corning profit warning Cisco rival Alcatel said it was to scrap 2,500 jobs in the US.
With the Dow and Nasdaq in decline Asian markets lost value today. The Japanese Nikkei 225 fell 295.30 to 12,005.11 with losses for Toshiba, Kyocera and Matsushita Communication. In Hong Kong the Hang Seng lost 156.18 to 12,557.72 to touch a three-month low with losses for China Mobile and Hutchison Whampoa.
Taiwan's TWSE index fell 68.42 points to 4548.29 - it lowest figure in six years. The Australian ASX 200 increased 0.6% to 3378 and Singapore Strait Times fell 22.73 to 1657.65.
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