ISTANBUL 

European stock markets closed the week lower as investor concerns grew about excessively high valuations in the US artificial intelligence (AI) and technology sector.

The pan-European Stoxx Europe 600 index fell 0.55%, or 3.11 points, to close at 564.79. Stoxx 600's tech index also plummeted 2.07%.

Stoxx 600's automobiles and spare parts index rose 0.76%, while the banks index lost 0.82% on Friday's close.

Germany's DAX 40 was down 0.69% to 23,569.96 points, while the UK's FTSE 100 index lost 0.55% to reach 9,682.57.

France's CAC 40 index dropped 0.18% to 7,950.18 points and Italy’s FTSE MIB 30 fell 0.35% to 42,917.67.

Persistent concerns about excessively high valuations for US technology companies kept the risk appetite low in European equity markets.

While investor concerns about excessively high valuations, particularly in the US technology sector, are growing in Europe, excessive valuations are making investors worldwide more cautious.

Sharp declines in major US technology stocks are further fueling concerns about market overvaluation and a potential sharp correction.

The euro/dollar parity was at 1.1572, up 0.22% as of 1820GMT.