Technology stocks continued their downward spiral this morning dragging down markets across Europe with the ISEQ down 42 points to 5,640.
The weakness in the tech sector spread through the broader market with financials also coming under pressure. AIB fell 14 cents to euro 11.40, Bank of Ireland shed 12 cents to euro 10.10 and IL&P is off 5 cents at 12.95.
After a sharp Nasdaq slide on Friday thanks to another raft of profit warnings from the leading players in the technology sector, today's weak opening came as no surprise. Riverdeep fell 20 cents to euro 4.55 and Iona fell 20 cents to euro 40.80.
Ryanair is off 48 cents to euro 10.90 but Eircom held firm to add 1 cents to euro 2.41.
In London, leading technology continued to slide. Bearish comment from US networks giant Cisco Systems Friday was a further negative.
Former market star ARM Holdings was again a big faller, losing 18-1/2p at £3.13, with sentiment further dented by comments on possible challenges to its chip design by a Swedish university.
Leading insurer Prudential, caused one of the biggest upsets today as the market gave an initial "thumbs down" to its plans for an £18 billion sterling merger with American General of the US - billed as the biggest-ever merger deal in the sector.
But the market was unimpressed. Pru's shares continued to top the FTSE 100 fallers list, shedding 133p, or nearly 15 per cent, to £7.64.