Vopak worst hit as European shares slip back
LONDON, July 19 (Reuters) - European shares slipped back on Friday, with Dutch group Vopak lagging after cutting its profit outlook, and several traders said they would look to sell to book profits on this month's equity market recovery.
The pan-European FTSEurofirst 300 index was down by 0.3 percent at 1,205.41 points by 0705 GMT while the euro zone's blue-chip Euro STOXX 50 index also fell 0.3 percent to 2,708.64 points.
Oil and chemicals storage group Vopak was the worst performer on the FTSEurofirst 300, falling 4.6 percent after cutting its outlook, which it blamed on lower demand.
The FTSEurofirst 300, which has risen some 6 percent since the start of 2013, hit a five-year high in late May of 1,258.09 points.
It then retreated to a 2013 low of 1,111.11 points in late June on concern about a scaling back of U.S. monetary stimulus, before recovering ground in July as those fears receded.
"A lot of cash has gone into the market over the last few months but people are now sitting back a bit," said Terry Torrison, managing director at Monaco-based McLaren Securities.
Hendrik Klein, head of high-frequency trading firm Da Vinci Invest AG, said he would look to sell Germany's DAX, which was down 0.5 percent at 8,294.05 points, before buying back in at around the 8,000 point level.