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Dutch shares

pare gains,

AMSTERDAM: Dutch shares pared most of the morning's gains at the close, slipping back from a new all-time intra-day high hit earlier in the session.

The AEX share index closed 0.12 points higher at 464.61, off the intra-day high of of 466.61.

The index had dipped into negative territory in afternoon trade, but picked up again as Wall Street gained 25 points in the first hour of trade.

"The market is a bit disappoiting," said one trader. "It is probably just caution because of these record highs. I think people are a bit nervous when volumes are so low."

ABN AMRO, which earlier posted a first half 1995 total net profit of 1.244 billion guilders versus 1.157 billion in the same period of 1994, rose 1.10 guilders to end at 64.80.

Dealers said the figures in themselves were not particularly good, but news that ABN AMRO was doing well in its core banking activities was encouraging for the sector.

Insurer Aegon, which posted a rise in H1 net profit to 614.7 million guilders, shed 20 cents to close at 56.80 guilders.

ABN AMRO ranked highest in terms of weekly turnover in stock options, with several large transactions boosting volume to a total of 65,000 contracts.

Nutricia, which said on Thursday it will buy Milupa, a unit of Germany's Altana for 820 million marks, also saw heavy options trade with 13,000 contracts changing hands.-Reuter