LONDON, March 22 (Reuters) - European shares dipped on
Friday, putting a key index on track for its worst weekly drop
since November, as worries over Cyprus' bailout problems dented
The pan-European FTSEurofirst 300 index fell 0.1
percent to 1,190.12 points, putting it on track for its worst
weekly drop since November, while the euro zone's blue-chip Euro
STOXX 50 index fell 0.2 percent to 2,678.57 points
By 0806 GMT.
However, a 2.5 percent rise at BP, after the
heavyweight oil major said it would return $8 billion to
shareholders, cushioned equity markets from bigger losses.
Cyprus needs to find 5.8 billion euros ($7.50 billion) in
new money by a Monday deadline if it is to receive an EU bailout
to avert a collapse of its financial system that could push it
out of the euro zone, having earlier rejected a plan to raise
the funds by taxing bank customers' deposits.
Berkeley Futures associate director Richard Griffiths
advocated investors to sell stocks on days when the market rose
rather than buy them when the market fell, on expectations that
equity markets could fall further next week.
Griffiths said Germany's DAX, which was down 0.2
percent at 7,916.77 points, could fall to 7,750 points early
next week and added that clients were buying "put" options,
which are often used to bet on a future fall in an asset or to
protect against such a move.
"I would sell on the rallies. With all this uncertainty over
Cyprus, the markets will be going a touch lower again," he said.