(Telecompaper) Network investments and complicated mergers left a mark on the European telecoms sector in week 21. However, our telecoms index managed to outperform the broader market. The TPSI European Telecoms Services was down just 0.6 percent, whereas the EuroStoxx 50 lost 2.2 percent. A few micro caps did well, including Icelandic Syn (+8.4%) and German Ecotel (+6.8%). Telefonica Deutschland was the biggest loser (-11%), apart from penny stock Forthnet (-13%).