950828

Belgian shares slightly lower

BRUSSELS: Belgian shares closed slightly down but above the day's lows as dealers feared another dip on Tuesday on the back of big losses in France and Germany.

The Bel-20 index eased 0.13 percent, or 1.98 points, to close 1,469.90 after earlier falling more than half a percent to 1,462.25. "There was some profit-taking," one dealer said. "But then some apparently believed (Belgian shares) were becoming a bit cheap and started buying," he added.

Some dealers said there was scope for further gains in the next few weeks but that the market faced a correction if it failed to break the 1,480-85 point resistance level.

Belgian technical analysts have turned predominantly neutral in their short-term outlook for the Bel-20, saying the upward momentum is running out of steam.

Some noted that a head-and-shoulders formation would appear if the index failed to breach 1,480-1,490.

They added the approach of budget talks and a weaker dollar raised chances of a short-term correction but that the coming wave of first-half results could sweeten the bitter pill.

Shipper CMB accounted for a quarter of total volume after three block trades -- two of 50,000 and one of 20,000 shares. It closed down 0.5 percent at 2,140 francs.

Exemplifying tiny volumes, property company Immobel was the day's leading gainer with a 1.5 percent rise to 2,650 with just 150 stocks traded.

"Things should be better tomorrow with London open again," one dealer said.-Reuter