Europe stocks dip, Greek shares extend retreat

PARIS, Jan 28 (Reuters): European shares dipped in early trading on Wednesday, with Greek stocks extending their sell-off sparked by the victory of leftwing Syriza party in Sunday's election.

Shares of Greek utility PPC and Greece's biggest port, Piraeus Port Authority, fell by 6.6 and 8.3 per cent respectively after the new government said it would freeze privatisation plans.

One of the first decisions announced by the Syriza government was stopping the planned sale of a 67-per cent stake in Piraeus Port Authority. Energy Minister Panagiotis Lafazanis also told Greek television earlier that the Syriza government would halt plans to privatise PPC.

Athens's ATG index was down 3.6 per cent, losing 10.1 per cent since the start of the week.

Swiss pharma group Roche also lost ground on Wednesday, down 1.9 per cent after the firm posted full-year earnings that missed forecasts and unveiled a lower-than-expected dividend rise.

Swiss companies with costs at home and sales abroad will have a hard time maintaining their hefty dividends following a recent surge in the Swiss franc that is set to eat into their earnings.

At 0931 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 per cent at 1,474.36 points.

Shares in European technology firms rallied, with ARM Holdings up 2.6 per cent, lifted by forecast-beating results from Apple.