LONDON, Oct 23 (Reuters) - European shares closed lower on Friday, dragged down by oil stocks tracking a fall in crude prices on economic recovery concerns and the drugmaking sector.
The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.5 percent at 1,009.73 points after trading as high as 1,027.89 points earlier in the day.
The index, which fell 45 percent in 2008, is up 21 percent this year and has gained almost 56 percent from a record low hit in March.
"We are back to a situation where the markets have rallied quite strongly. We have had a interesting week of both good and bad news. I just think this is profit taking," said Howard Wheeldon, strategist at BGC Partners.
Oil stocks reversed early gains as crude fell 1.2 percent after scepticism the economic recovery was robust enough to spur a convincing rise in fuel demand quelled the appetite to extend this week's powerful rally.
Galp Energia, Petroplus, Royal Dutch Shell and Total were down 0.4 to 1.6 percent.
Drugmakers featured among the worst performers. Elan slumped 22 percent after European regulators said they have begun a review of the multiple sclerosis drug Tysabri following reports of 23 cases of a potentially deadly brain infection.
Across Europe, the FTSE 100 index was up 0.7 percent, Germany's DAX was down 0.4 percent and France's CAC 40 was 0.3 percent lower. (Reporting by Joanne Frearson)