1.   Analysts said the selling reflects investors growing skepticism about the speed of the economic recovery, and their doubts about an earnings improvement by late this year.

2.   The appeal reflected growing pessimism that a political solution was possible in the three-year conflict that has defied mediation efforts.

3.   The increased numbers reflected growing acceptance on the part of the army that its members committed atrocities against Kosovo Albanians during their crackdown in the southern Serbian province.

4.   Dealers said the upturn reflected growing optimism that the market will rise once political uncertainties are removed.