The tech sector emerges as the best performer in the European stock market

Shares of AMS, a chipmaker appreciated by 206% in 2017.

On Friday, European stocks steadied their footings and were set to post their strongest gains since 2013 buoyed by surging tech stocks as well as a robust resources sector.

Although the eurozone blue chip stocks dropped by 0.1%, the pan-European STOXX 600 index remained flat, in percentage terms.

In Italy, equities declined by 0.2% following its president dissolving Parliament on Thursday with elections scheduled for March 4. Britain’s FTSE 100 rose by 0.1%.

Overall, in 2017, European stocks fared well, supported by no major political upsets, a strong economy and solid company earnings.

The STOXX is likely to end the year with a gain of nearly 8% – its strongest year since 2013.

Brexit however has largely dented sentiments in UK equities. A recovering pound has also put some pressure on the blue chips’ large proportion of overseas earners.

What is noteworthy is that Europe’s tech sector has largely dominated the STOXX index with European tech stocks, on average, gaining by 20% closely followed by basic resources

Significantly, the shares of AMS, a chipmaker, has been the top gainer on the index with its share price rising by 206% in 2017.

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