Around the World's Markets: Paris

THE CAC-40 INDEX of French blue chip stocks closed 115.5 down at 4,038.49, a drop of 2.78 per cent.

Cyclical stocks again outperformed the market led by Alstom, which rose 5.45 per cent after a buy recommendation from Societe Generale. Pechiney, the aluminium producer, rose 3.13 per cent and Metaleurop advanced 6.03 per cent, but Schneider fell 7.03 per cent on profit-taking after recent rises. France Telecom lost ground and banks continued to slip, led by Societe Generale, BNP and Paribas.

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