DUBLIN REPORT: Iseq: 3,024.92 (–32.38) Settlement date: March 18thMARKETS GLOBALLY were "pretty soggy" yesterday, one broker said, on "chatter" of potential credit tightening by China to cool its economy.

Volumes were extremely light across the board, however, as investors searched for direction.

In Dublin, the Iseq index was down just over 1 per cent, with the result that it underperformed most of its European peers.

The index came under pressure as its two biggest components, CRH and Ryanair, slipped by almost 2 per cent each to €17.74 and €3.43 respectively.

Following further speculation in the press over the weekend that the “haircut” on loans destined for Nama will exceed 30 per cent, the Irish banks saw some profit-taking yesterday. AIB was off more than 3 per cent – almost five cents – at €1.40, while Bank of Ireland was down 1.6 per cent – or 2 cents – at €1.21.

Although Irish Life & Permanent is not involved in Nama, its share price also took a hit yesterday, falling 3.6 per cent – almost 12 cents – to €3.16.

Elsewhere, packaging group Smurfit Kappa shed 20 cents to €6.15.

Bakery stock Aryzta was one of the few names that managed to buck the downward trend. The stock gained almost 2 per cent, or 55 cents, to close at €28.70 on the back of good interim results and unchanged guidance coming from management yesterday.

Paddy Power was also a winner on the day, rising by almost 3 per cent, or 65 cents, to €23.40 in advance of Cheltenham racing festival which kicks off today.

Insulation group Kingspan also ended the session in positive territory, up about 1.5 per cent, or nine cents, at just under €6.02.

Overall, brokers noted that markets were “marking time” waiting for new economic data and this accounted for the very light volumes seen across the board.