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Belgian stocks finish higher

BRUSSELS: Belgian shares remained largely immune from weaker-than-expected U.S. July jobs data, dealers said, to close 0.36 percent firmer.

The Bel-20 index ended 5.37 points higher at 1,490.35 after earlier rising more than half a percent to 1,493.79. A weaker Wall Street start pushed the index only slightly downwards.

Business was uneventful with only about 1.6 billion francs worth of Belgian shares traded.

Dealers expected the market to consolidate next week, especially if the star performer of recent weeks, chemicals and pharmaceuticals firm UCB, ran out of steam at last.

"The market will consolidate next week especially if the special features, like UCB and (electronics firm) Barco come to a standstill," said Gert De Mesure at Delen & Co.

UCB closed 1.7 percent higher at 33,000 francs after earlier setting yet another new all-time high at 33,400 francs.

The stock, whose recent rise accelerated after the publication last week of strong 1995 first-half earnings, stood at 28,125 francs one month ago.

Some dealers though said there was scope for a further rise by UCB, noting that the company had a fair amount of growth potential in the United States and in Japan.

One dealer believed UCB could sail to 36,000 francs in the longer term but another gave profit-taking as short-term advice.

"Just as Philips pulled up the market in Amsterdam recently and then dragged it lower again, UCB could weigh on the market next week," one dealer said.

Barco, which was still quoted below 3,000 francs two weeks ago, added 0.6 percent to 3,270 francs.

PVC profiles producer Deceuninck was the day's leading gainer with a 3.7 percent jump to to 3,770.

One dealer said that Deceuninck had been lagging the market lately. But he warned it could soon start suffering from the increased price of PVC.

Dealers said they remained optimistic for the longer-term prospects of the Brussels market. One noted that UCB could also help improve the Bel-20. "For the short term UCB is definitely overbought but the long-term prospects are favourable," he said.-Reuter