UK STOCKS REVERSED INTO THE RED ON THURSDAY, GIVING UP EARLY GAINS WITH DEALERS CITING A LACK OF INVESTOR CONFIDENCE IN ANY MOVE HIGHER DUE TO LOSSES ON ASIAN MARKETS AND BEARISH COMMENTS FROM A LEADING FUND MANAGER, REUTERS REPORTED. FIDELITY FUND MANAGER ANTHONY BOLTON SAID ON WEDNESDAY THE EQUITY BULL MARKET MAY BE OVER AND SAID THE CURRENT CORRECTION COULD TAKE MONTHS RATHER THAN DAYS. NEWSPAPERS WIDELY REPORTED THE COMMENTS IN THURSDAY EDITIONS. ASIAN STOCK MARKETS CLOSED SHARPLY LOWER AS WORRIES OVER INFLATION AND GROWTH CONTINUE TO WEIGH ON INVESTOR SENTIMENT. "BOTH MAIN ASIAN MARKETS ARE DOWN OVER ONE PERCENT AND I DO NOT THINK THERE WAS A GREAT DEAL OF CONVICTION BEHIND THE EARLY RISE," SAID ONE DEALER. "I AM NOT CONVINCED WE ARE GOING TO SEE ANY SUSTAINED MOVE HIGHER AND MR BOLTON'S COMMENTS ARE NOT HELPING SENTIMENT." BY 0805 GMT, THE FTSE 100 WAS 17.9 POINTS LOWER AT 5,569.2 POINTS, HAVING EARLIER TRADED AS HIGH AS 5,623.7 POINTS. THE INDEX SHED MORE THAN 90 POINTS IN THE PREVIOUS SESSION, TAKING BACK MUCH OF TUESDAY'S 146-POINT BOUNCE FROM A TWO-WEEK SELL OFF. THAT BOUNCE WAS THE INDEX'S LARGEST DAILY RISE IN MORE THAN THREE YEARS BUT THE INDEX HAS LOST ALL ITS GAINS THIS YEAR AND IS ABOUT 9 PERCENT DOWN FROM A FIVE-YEAR HIGH HIT IN APRIL AT 6,137.1 POINTS. TELECOMS GROUP CABLE & WIRELESS FEATURED AMONG FTSE FALLERS, LOSING 3 PERCENT AFTER REPORTING A DROP IN ANNUAL PROFITS AND ANNOUNCING THE END OF ITS SHARE BUYBACK PROGRAMME. --MORE
