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Dutch shares deepen losses, Heineken leads losers

AMSTERDAM: Dutch shares, beseiged by aggressive profit taking compaigns in a number of stocks, deepened losses in the late session, sliding nearly 0.6 percent lower at the finish as weaker opening prices on Wall Street failed to offer support.

The AEX Index sliced off 3.14 at 534.35, more than doubling midday losses and reversing a higher start at 538.38.

Heineken led the day's losers, dropping a whopping 8.30 guilders, or 2.3 percent to 354.10 as investors took profits.

Also rocked by profit hungry sellers after smart gains in the last months, Oce slid 7.00 lower to end at 150.10.

Dutch PTT ended 0.60 lower at 65.80 guilders after reporting profits rose 11 percent in 1995 and forecasting further profit growth in the current year. The company also said it plans to increase borrowing in 1996 to fund acquisitions.

Royal Dutch added 1.30 guilders at the close to 238.10, despite lower than expected 1995 at one of its minority-owned subsidiaries and the granting of development rights of the North Sea Schiehallion Field to rival major BP.

Unilever slipped 1.50 guilders to 224.10, after saying it had bought Paraguayan CAPSA's sales and distribution operatins.

Brewer Grolsch added 0.80 guilders to end at 76.00 after the company reported it had bought back a 5.7 percent block of its own shares from financial services group ING, to eliminate financial obligations related to a convertible bond.

In the financial sector, ING tied up trade 2.10 guilders lower at 118.70 guilders, while ABN AMRO edged up 0.20 guilders to 82.90 guilders. ABN AMRO earlier said it would promote the head of its equity operations to its board of directors.

Philips ended the day unchanged at 59.30 guilders after pushing modestly higher to 60.00. Investors seemed little moved by an industry statement backing video CD standards.

Film and music entertainment group PolyGram edged 0.40 guilders to 99.40 guilders. Recent reports have quoted film industry executives as saying the U.S. film market is oversatured and and advising reducing advertising outlays.-Reuter