960416

AMSTERDAM: Dutch shares closed mixed as light profit-taking emerged to snuff out an early attempt to scale new highs.

The AEX index of 25 blue chip stocks closed 0.77 points lower at 548.23 after setting a new intraday high of 550.49 in first hour of trading.

Some dealers said the rally was beginning to look tired and the search for undervalued shares was increasingly difficult.

"People are looking around for shares that have lagged the rest of the market but it isn't easy" said one dealer, adding that this had helped lift Philips 0.70 to 60.90 guilders.

Others said the market remained firmly underpinned although temporary setbacks could only be expected after the strong rise so far this year.

"We rose seven points yesterday, so it's only natural to see some profits taken today," another dealer said.

Brewer Heineken shed 4.50 at 363.60 as profit-taking eroded some of its recent sharp gains.

Chemicals firm DSM stood out with a gain of 4.60 at 164.30 but dealers saw no special reasons for the move.-Reuter