Europe shares sag as U.S. tech sector sell-off spreads

viernes 11 de abril de 2014 11:00 GYT

* FTSEurofirst 300 down 1.8 pct, loses 3.4 pct in week

* High-beta banking stocks also hit

By Blaise Robinson

PARIS, April 11 (Reuters) - European stocks sank on Friday, extending the week's retreat and mirroring a sell-off on Wall Street led by technology and biotech shares that has been fuelled by worries some stock valuations are overstretched.

European tech shares were among the most hit, with ARM , whose chip designs feature in smartphones such as Apple's iPhones, falling 4.9 percent.

ASML, the world's biggest manufacturer of tools for the semiconductor industry, dropped 3.9 percent, telecom gear maker Alcatel-Lucent lost 4 percent and chip maker Infineon fell 3.3 percent.

"There's been contagion from the correction in the U.S. which is probably not over, but the fact is: this is mostly a U.S. correction," said David Thebault, head of quantitative sales trading at Global Equities, in Paris.

"People are getting out of overvalued sectors and looking for bargains elsewhere. The market's positive longer-term trend is still intact, this pull-back will just remove the froth."

European tech stocks have been trading at a premium to the overall market, but unlike peers on Wall Street, valuations have not spiked.   Continuación...