Share prices plunged sharply lower this morning with all major markets recording heavy losses. The ISEQ fell 198 points or 3.7 per cent this morning.
Shares across the board were hit as bearish sentiment swept the market after another slew of profit warnings and growing talk of recession.
Technology companies were the heaviest fallers after another dire session on Wall Street last night.
The Dow Jones Industrial Average tumbled 2.4 per cent yesterday while the technology-heavy Nasdaq Composite shed 1.5 per cent.
Riverdeep fell 6.8 per cent to euro 12.00 while the ISEQ's former star performer Horizon plummeted 10 per cent to euro 4.05 as investors dumped technology stocks.
Eircom hit a new all-time low this morning falling 9 cents to euro 2.29.
But old economy stocks were not immune from the bearish contagion. CRH fell 14 cents to 16.83, Elan lost 3.7 per cent to 53.50 and Irish Life & Permanent lost 77 cents to 10.50.
There was no respite for London's battered equity market this morning as sentiment was undermined by a barrage of profit warnings and another poor overnight showing by US stocks.
In the telecoms sector Energis was down 9.1 per cent, British Telecommunications 5.8 per cent and Vodafone 4.8 per cent.
Among the tech stocks Dimension Data was down 7.6 per cent, Logica 7.6 per cent and Marconi 6.6 per cent.