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uk shares crash

  1. 3,567 Posts.

    Wednesday March 12, 06:09 PM

    UK Shares Crash
    The index of Britain's leading shares has suffered one of its biggest-ever closing falls. Growing fears over a war with Iraq have knocked nearly 5% off the value of the FTSE 100 (^FTSE - news) .It closed down 165.7 points, or 4.8%, at 3,287 - the eighth-biggest closing percentage drop in its history.

    At one point, the index fell as much as 5.07% to a low of 3,277.5 points in late trade.

    As well as war fears, the FTSE was also hit by big losses for financial and oil stocks.

    'Don't panic'

    Before the close, financial advisers urged stock market investors to remain calm and not cash in their investments.

    "We are saying the same to our clients as we always do - try not to panic and sit tight," Chase (ASQ: CCF - news) de Vere's Nikki Foster said.

    "The last thing you want to do is cash in your investments because then you won't be invested in the market when it does recover."

    Good bargains

    Now was a good time to think about buying shares as values were so cheap, she pointed out.

    Analyst Robert Guy was of a similar opinion.

    "From what I can tell, this looks like the last bit of war nerves driving the market down.

    "If you have ridden it all the way down from 6,000, I wouldn't let today's activities sway you."

    Shift techs

    "The only people he would advise to cash in their investment were people who were in technology funds, which was the only area he could not see coming back.

    But the falls were further bad news for company pension funds which are finding it increasingly expensive to offer final salary schemes.

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