Europe shares edge up, Cyprus fears cap gains

LONDON, March 28 Thu Mar 28, 2013 4:13am EDT

LONDON, March 28 (Reuters) - European shares edged up on Thursday, recovering from a three-week low in the previous session as bargain hunters picked up beaten down stocks on the last day of the quarter.

The pan-European FTSEurofirst 300 index was up 0.1 percent at 1,185.66 points by 0808 GMT, while the euro zone's blue-chip Euro STOXX 50 index was flat at 2,612.05 points.

Toby Campbell-Gray, head of trading at Tavira Securities, said investors were still looking to buy stocks on days when the market fell, due to long-term expecatations that stock markets would rise gradually over the course of 2013.

However, he added that the short-term outlook was more uncertain, due to Cyprus' bailout problems and troubles with the country's banking system.

"I still think that the markets will finish up in 2013. There's still a lot of quality blue-chip names out there which bargain-hunters are looking to buy on the dip," he said.