European stocks end mixed amid overvaluation concerns

​​​​​​​- Tech index down 0.8% on overvaluation concerns

ISTANBUL

European stock markets ended mixed on Tuesday over concerns about excessively high valuations in the technology sector.

The pan-European Stoxx 600 was down 0.3%, or 1.7 points, to close at 570.58.

Germany's DAX 40 index fell 0.76% to 23,949.11 points, and France's CAC 40 dropped 0.52% to 8,067.53.

Meanwhile, the UK's FTSE 100 gained 0.14% to close at 9,714.96, and Italy's FTSE MIB rose 0.09% to 43,262.35.

Shares of European technology companies led the losses, with Stoxx 600's tech index dropping 0.8%. The automobiles and parts index fell 0.43%, and oil and gas companies also declined 0.57%.

While signs of easing in the trade dispute between the US and China supported European equity markets last week, European stock markets declined on Tuesday as investors took profits after overvaluing companies amid the uncertain economic outlook.

Investors in Europe are particularly focused on concerns about excessively high valuations in the US tech sector, and this overvaluation is likely to make investors worldwide more cautious.

Analysts note that investors are also cautious about the US Federal Reserve's interest rate outlook, noting that warnings about high valuations and a potential correction are becoming increasingly pronounced, particularly in Asian markets.

The euro/dollar parity fell 0.31% to 1.1483 as of 1820GMT on Tuesday.