Stocks see sharp decline

The Iseq index has fallen by about 1 per cent on the back of sharp declines across Europe as fears over the US economy continue…

The Iseq index has fallen by about 1 per cent on the back of sharp declines across Europe as fears over the US economy continue.

At 15.45, the Iseq overall had fallen 110.03 points to 7,681.83 since trading began this morning.

In Asian trading, Japan's Nikkei stock average declined 2.24 percent, while Hong Kong's Hang Seng index dropped 3.7 percent. In European trading, Britain's FTSE 100 fell 1.43 per cent, Germany's DAX index fell 1.20 per cent, and France's CAC-40 fell 1.36 per cent.

Wall St remained uneasy in early trading although several companies including drug maker Merck & Co. and toymaker Hasbro Inc. reported positive third-quarter results.

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The Dow was off 57.55, or 0.43 percent, at 13,464.47 in the first hour of trading, after falling more than 100 points in the opening minutes.

The S&P 500 index was down 4.48, or 0.30 percent, at 1,496.15.

But the Nasdaq composite index was up 3.17, or 0.12 percent, at 2,728.33, as bargain hunters snapped up tech stocks.

US stocks tumbled on Friday to mark their biggest fall in two months, weighed by Caterpillar's warning that the housing slump was infecting the wider economy. Asian shares also fell overnight.

Miners were the biggest sectoral losers, shaving 28 points off the index, as metal prices fell. Seven out of eight FTSE 100 listed miners were among the index's top 10 losers.