LONDON Jan 22 European shares climbed higher to
trade near a 5-1/2-year peak in early trading on Wednesday, with
ASML leading the technology sector higher after
posting impressive results.
The STOXX Europe 600 technology index rose 0.8
percent, the top sectoral gainer, helped by a 3.5 percent rise
in ASML after the world's leading provider of tools
for making computer chips reported higher-than-expected
At 0816 GMT, the FTSEurofirst 300 index of top
European shares was up 0.4 percent at 1,350.90 points after
rising as high as 1,353.47 in the previous session, a level not
seen since mid-2008.
However, the index was vulnerable to a pull-back as its
14-day relative strength rose above 70, an "overbought"
technical condition that often triggers in a sell-off, analysts
"A short period of consolidation seems likely at this point
... the FTSEurofirst 300 index could see a drop of around 3
percent and a test of the 50-day moving average at 1,300," Bill
McNamara, technical analyst at Charles Stanley, said.