The overnight slump on Nasdaq knocked the stuffing out of most of the Irish technology and biotechnology stocks and showed clearly how volatile trading in these stocks is going to be. But the so-called old economy stocks failed to do much better and most closed lower on the day.

The 4 per cent fall on Nasdaq on Monday was the electronic's market second-biggest fall and that trend continued yesterday with the main Nasdaq index off another 2 per cent by midday. Earlier, Trintech tumbled over €17 to €133.40 on the Neuer Markt while Baltimore slumped £14.50 in London to £120 sterling. There was no respite for the two stocks when Nasdaq opened and by midday, Trintech was down over $11 on $132.50 while Baltimore was almost $9 lower on $187.

Other technology shares to come under the cosh included Riverdeep, down 35 cents in Dublin on €8.25 and down $1.75 on $48.50 on Nasdaq by midday. Iona was down over $5.50 on $81.50 while Smartforce was trading almost $3.25 lower at just above $50. Trinity Biotech - one of the best performers this year - was trading almost $1 lower just above $5.

Financial shares remained friendless, with AIB down 25 cents on €8.40 while Irish Life & Permanent was down another 20 cents on €7.40 with sell orders at that closing level. The only chink of light - albeit a very small chink - among the financials was Bank of Ireland which traded up seven cents to €5.77.

Eircom - hit by sectoral weakness - was seven cents lower on €4.61, CRH dropped 20 cents to €17, although Golden Vale was up three cents on €1.20 as Mr Dermot Desmond disclosed that he had bought another three million shares to take his stake in the company to over 10 per cent.