The ISEQ followed the world equity markets downwards today after further heavy falls on Wall Street. The Nasdaq fell below the 2,000 level for the first time in two and a half years as investors bailed out of technology stocks.
Though the Irish market was spared from the brunt of the sell off, the benchmark Irish index fell 70.45 points .
AIB fell 16 cents to 11.38, Bank of Ireland shed 22 cents to euro 10.0 and IL&P fell 30 cents to euro 12.70. Technology stocks came under heavy selling pressure with Horizon down 15 cents to euro 5.75 and Iona was one of the heaviest fallers, losing euro 3 to 38.0.
For once Eircom held firm adding 1 cents to euro 2.42 while CRH gained 34 cents to euro 18.44.
Leading London shares closed a very nervous session sharply lower, with the FTSE 100 index falling to its lowest levels for 25 months - hit hard by Nasdaq's slump.
European giant Ericsson cast further doubt on the timing of any recovery in the beleaguered tech and telecoms sectors, dealers said.
At the London close, both Nasdaq and the Dow saw some fairly spectacular declines, with the Nasdaq off over 102 points and the Dow Jones 213 points lower.
