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CAC declines 0.30%

FXStreet (Mumbai) - The French equity markets declined after a PMI survey data indicated that the French industry recorded its sixth monthly decline in October.

The Cac is trading 0.34% lower at 4219 levels, with an advance decline ratio of 16:24. The index is being driven lower by utility stocks and Media stocks. Food producers and Oil and Gas sector are under pressure as well.

Among the index stocks, Technip gained 2.55% after it was awarded an engineering and procurement contract for eight proprietary Ultra Selective Conversion or USC furnaces. Other index gainers include Alstom, Bouyggues, Alcatel-Lucent and Kering. On the other hand , the top losers include Publicis groupe, Lafarge, GDF Suez, Orange and EDF.

Meanwhile, France’s factory output continued to shrink in October. Markit's manufacturing PMI, one of the major early indicators of business activity came-in at 48.5, from 48.8 in September.

Cac Technical levels

The index has an immediate support at 420, under which the prices can fall to 4181 and 4170 levels. On the other hand, resistance is seen around 4250 levels.

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