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Dutch

AMSTERDAM: Dutch shares turned tail in afternoon trade to end the day in negative territory.

Dealers said sentiment had been undermined by weakening bund futures, higher than expected U.S. jobless data and later, a mixed Wall Street opening.

"We were all in such a good mood this morning, but things have turned a little sour," one dealer said. "People are starting to take profits in the strong gainers such as ING and Heineken."

The AEX index of leading shares closed down 2.55 points or 0.46 percent at 551.33, after earlier touching a high of 555.66.

Brewer Heineken ended the day down 2.50 at 360 guilders. ING, which had been rising strongly for several days, ended 1.10 guilders down at 130.30 after earlier touching a new year-high of 133.70.

Dealers said investors had been hanging back on cyclicals earlier in the day ahead of Akzo's figures. The chemicals firm reported first-quarter net down nine percent at 332 million, at the upper end of analysts forecasts.

Investors welcomed the news, sending Akzo shares 2.10 guilders higher to 194.60.

"Akzo...came in a touch ahead of consensus," a dealer said.

Dramatically lower first-quarter figures from paper and office products group KNP BT were roundly condemned by the market, sending its shares tumbling by 3.50 guilders or eight percent to 40 guilders.

The company reported Q1 profits from ordinary operations more than halved to 50 million guilders, or 40 cents per share, compared with 1.12 guilders per share in the same 1995 period.

A dealer said the correction in the share price could be taken as a signal to the rest of the market that the sustained.-Reuter