* Rise in Siemens adds most points to FTSEurofirst 300
* FTSEurofirst 300 up 0.5 pct, bouncing off lows
* FTSEurofirst 300 had fallen for last three sessions
* Concerns about emerging markets sell-off linger
By Sudip Kar-Gupta
LONDON, Jan 28 European shares bounced back from
near one-month lows on Tuesday, helped by a rise in Siemens
after the German engineer posted higher first quarter
But concerns about a sell-off in emerging markets lingered.
Some traders and analysts said any gains this week could be
limited as expected cuts in the U.S. Federal Reserve's economic
stimulus programme could further hit emerging economies that are
dependent on exports and foreign capital.
The pan-European FTSEurofirst 300 index, which had
fallen for the last three sessions to its lowest level in more
than a month, bounced 0.5 percent to 1,296.35 points in early
The euro zone's blue-chip Euro STOXX 50 index
advanced 0.6 percent to 3,032.46 points.
A 1.2 percent rise in Siemens added the most points to the
Traders welcomed the fact that Siemens' results beat market
forecasts and said the stock had further merits in its solid
dividend yield and the prospect of share buybacks in future.
"Q1 was better than expected and the time of big charges
seems to be over," said DZ Bank analyst Jasko Terzic, who kept a
"buy" rating on the shares.
Toby Campbell-Gray, head of trading at Tavira Securities,
said the current emerging market-related hit to global stock
markets would be relatively short-lived, and that the dip could
offer good chances to buy up stocks at relatively cheap prices.
"By rough investment criteria, the equity space is still
within the bands of value versus bonds and meagre returns on
cash," he said.
"The fact that indexes are now down on the year is a happy
situation. At the end of December, investors were screaming for