The Irish equity market fell sharply at the opening today following the Nasdaq's 7 per cent decline yesterday.
Technology and telecom issues came under pressure again with eircom and Elan dragging the Irish market lower. The ISEQ is off 136 points or 2.4 per cent at 5,608.03.
The technology-laden Nasdaq index had one of its worst days yesterday falling 7 per cent as investors bailed out of technology stocks as the feared hard landing for the US economy looks likley.
Eircom was hit by weakness in the telecom sector, shedding 13 cents to euro 2.47. CRH, which generates most of its revenues in the US, fell 35 cents to euro 19.45 and Nasdaq quoted Iona Technology fell a massive euro 16.43 to euro 56 as the technology sell-off gained momentum.
Last year's star performer, low-cost Ryanair, fell 19 cents to euro 11.40 even though it announced a pay settlement with its Irish and British pilots which will see them receive a share options package.
In London all the broader FTSE indices remained weak, with the techMARK 100 index the worst off - down 131.5 points at 2,356.13 after Nasdaq's overnight tumble.
Continued switching out of telecom, media and technology (TMT) issues remained a feature again today after last night's 7.2 per cent Nasdaq slide.
Technology stalwarts such as ARM Holdings suffered, shedding 35p at £4.54, while CMG fell 87p to £7.48, and Logica lost 186p at £14.85.