European shares extend losses as tech stocks weaken

Last Updated: Wed, Jan 16, 2013 18:41 hrs

LONDON, Jan 15 (Reuters) - European shares extended losses on Tuesday, with a key index falling to a fresh intraday low after German software company SAP reported revenues below forecasts.

The pan-European FTSEurofirst 300 index was down by 0.4 percent at an intraday low of 1,154.65 points by 1403 GMT.

The STOXX Europe 600 technology sector was the worst-performing equity sector, falling 2.3 percent as SAP fell 4.5 percent to take the most points off the FTSEurofirst 300 index.

The STOXX Europe 600 technology sector also fell close to a 2013 low of 231.75 points.

"Especially after their main competitor Oracle managed to beat estimates last month, many had hoped that SAP would follow suit," said Markus Huber at ETX Capital.

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