13/09/2001

Mood of uncertainty surrounds world stock markets

With US stock exchanges closed until Friday at the earliest, the mood of uncertainty is continuing to overshadow Europe's stock markets.

While, the US dollar managed to regain some its strength against other currencies,

many European and Asian investors, who are waiting to discover how American markets will react to the terrorist atrocities, have remained on the sidelines.

Meanwhile, eight media and hi-tech firms have been demoted from the elite club of the UK's top 100 listed companies.

One of those relegated form the FTSE 100 shares index was telecoms equipment maker Marconi, who have been in trouble for some time.

The latest FTSE 100 reshuffle, which is undertaken four times a year, clearly marks the dramatic turnaround in fortunes of the tech sector. At the height of the "new economy" boom last year, nine technology and media stocks were promoted to the index.

However, the collapse of the tech bubble has sent shares in software, dotcom and telecoms companies tumbling to be replacing by a collection of old-guard economy stocks.

Those companies promoted back into the FTSE-100 include Friends Provident and water group Severn Trent. (MB)

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