Sharp falls by Elan, Eircom and CRH were the main factors behind the 2 per cent fall in the ISEQ. But apart from those three stocks, the main feature of the market was some sizeable trading accompanied by modest changes in share prices. After the Nasdaq slump overnight, technology shares remained under strong downward pressure.

Some of the bigger industrials had the biggest volumes with over five million Smurfit shares trading as the share drifted four cents to €2.06. More than 8.3 million Waterford Wedgwood shares traded as the share stood still on €1.25. Among the financials, Bank of Ireland was the most active with 2.5 million shares trading as it eased two cents to €10.63. AIB was the best performing financial, adding 18 cents to €13.25.

The hefty fall in the Vodafone share price hit Eircom hard with the share falling 13 cents on €2.47 and it was under pressure at that closing level. CRH lost 45 cents to €19.35 while Ryanair came off its best levels and closed down 34 cents on €11.25. Kerry was 27 cents higher on €14.00 despite being taken off Merrill Lynch's "strategic buy" list.

Technology shares took a pummelling and even the massive recovery on Nasdaq after the Fed cuts its overnight lending rate came too late to help some of the Irish shares. In London, Baltimore fell 34p to 285p sterling while Parthus was down 9p on 155p sterling. Most Irish technology stocks on Nasdaq remained under pressure, however, despite the rebound in the overall market.