LONDON: Britain’s FTSE top share index fell 1.5 percent on Thursday at 6,882.29 points after a record high hit on Tuesday to 2.7 percent.
Analysts at Citigroup on Thursday cut their forecasts for the smartphone sector and target prices on stocks highly exposed to China, the world’s largest phone market, including Britain’s ARM.
The stock was down 3.5 percent at 1,088 pence, extending the previous session’s fall in substantial volumes. The broader FTSE 350 tech hardware index was down 3.1 percent.
“I’ve still got my ‘shorts’ in place on ARM. I’m waiting to see if it can go down further to test the 10 pound level,” said Beaufort Securities sales trader Basil Petrides
Airlines also saw substantial selling as Brent crude shot up nearly 6 percent after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
Airline IAG fell more than 3.7 percent, with cruise operator Carnival down 1.6 percent.
Budget airline easyJet dropped 3.5 percent despite upgrading first-half forecasts.
London Stock Exchange group was the biggest FTSE 100 faller in percentage terms, down 5.9 percent at 2,389 pence after Borse Dubai sold its 17.4 percent stake.
A familiar with the matter said the sale went through at 2,250 pence per share.
