Europe shares briefly turn positive on bargain hunting

By REUTERS
August 9, 2011 15:14

 
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LONDON - European equities briefly turned positive on Tuesday after steep declines earlier in the session, on technical buying and as investors started to scoop up beaten-down stocks, traders said.

At 11:40 a.m. GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 933.40 points after briefly turning slightly positive.

"It looks like the market is massively overdone on the downside. A lot of forced selling was going on in the morning, which exaggerated the downside move," said Manoj Ladwa, senior trader at ETX Capital.

"We have got subsequent bounce on the back of potentially more money being pumped into the market. A few value investors are there seeing the asset prices have gone down to extreme levels. Markets are oversold."

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