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Belgian shares end weaker

BRUSSELS: Belgian shares ended weaker, underperforming other European markets after foreign selling and higher bond market yields outweighed an early boost from a strong dollar, dealers said.

"There's a large programme sell on Belgium which has been going on since the late morning. But it's very difficult to activate since there's little interest in the market and it's rather illiquid," one dealer said.

Another said much of the selling appeared to be coming from outside Belgium. The Bel-20 index of leading stocks finished 6.13 points, or 0.42 percent, lower at 1,460.24.

The index hit an intraday high of 1,476.64 in the first minutes of trading, then started a steady decline, slipping onto the red in late morning.

Volume was 2.2 billion francs worth of Belgians shares, more than four times Monday's meagre 515 million francs worth. The market was closed for a public holiday on Tuesday.

Shares in NMKN/SNCI, which soared by 690 francs on Monday amid speculation the bank will be the subject of a bidding war, fell 150 francs to 10,450 on profit-taking.

The government is selling its 50 percent stake in the bank. On Friday savings bank Bacob and insurer DVV/LAP raised their joint bid for all of SNCI stock to a maximum 10,755 francs a share, more than rival bidder CGER Bank's 10,260 franc offer.

Generale Bank, under pressure from the start, ended down 60 francs at 9,150. After the market closed, the bank announced it will pay 1.2 billion guilders to buy 94.3 percent of Credit Lyonnais Bank Nederland. However Generale Bank CEO Ferdinand Chaffart told a news conference the takeover would have little impact on 1995 earnings and would be paid for with the bank's own funds. -Reuter