Telecom Eireann shares again proved the focal point on the Irish stock market, gaining four cents to €4.70 (£3.70) despite a generally weak performance by stock markets around the world and a soft tone in telecom shares in particular.

The Irish market followed other European markets lower as Wall Street tumbled in early trading amid renewed concerns about Argentina's financial health. However, some traders said this was merely an excuse and there was a general lack of interest ahead of key economic indicators due later this week on both sides of the Atlantic.

In London, the FTSE closed nearly 100 points lower, Germany's Dax was off 78 points while in Dublin, the ISEQ index of shares followed suit and shed nearly 73 points or 1.4 per cent of its value.

However, Telecom was one of the few stocks to buck the general downward trend as dealers again reported active trading in the stock. Things are expected to get even busier as the week wears on and some ordinary retail investors come into the market to sell. Share certificates and nominee account statements will be posted out from today, allowing those who have not yet been able to trade to come into the market on Thursday and Friday.

Most other Irish shares did not have such a good day, however.

AIB lost 25 cents to €13.15 (£10.36), Bank of Ireland was down 20 cents at €17.45 (£13.74) while Irish Life & Permanent also lost 20 cents to €11.10 (£8.74).

Dealers also reported profit-taking in CRH, which has risen strongly in the wake of last week's US acquisition. The shares ended 38 cents lower at €19.12 (£15.06).