European shares pare gains; banks up, pharma down

LONDON, Nov 21 (Reuters) - European shares pared gains in afternoon trade on Friday as persistent concerns about a deep global recession prompted investors to trade cautiously ahead of the weekend.

At 1239 GMT, FTSEurofirst 300 .FTEU3 index of leading European shares was 0.2 percent higher at 782.93 points after hovering in a broad range of 776.09-796.15 points.

The benchmark was heading for a third week of losses in a row and has fallen nearly 48 percent so far this year on concerns about the financial sector's health and a prolonged global recession.

Pharmaceutical shares took most points off the index, but banking and commodity stocks were higher. (Reporting by Atul Prakash)