LONDON -- Although its done its best to shrug off recent weakness in the U.S., London finally dropped its resistance and leading U.K. shares plummeted. Liquidity was thin, which didn't help, and at the close the
stood a depressing 126.4 points lower, or 2%, at 6,264.80.
Overall, it was a very bad day across the board for tech, media and telecom stocks. The
shed 135.5 points to 3,593.13 as the entire sector seemed to melt down in the fallout from the
For most of today, the former state telco
was in positive territory and provided one chink of light in the market. But towards the close it too succumbed to the general weakness to close 4p lower at 736 ($10.64). In contrast, fellow telecom heavyweight
was heavy for the entire session. Ultimately, it finished 10p lower at 243.
announced its intention to launch a new program aimed at the Application Service Provider market, but the Celtic Tiger still got gunned down by 55p to 605.
Online auction site
fell to a historic low of 33p before closing down 12.5% at 35p. Meanwhile ISP
shed 5p to 211, which considering the state of the tech sector wasn't too bad a performance.
As ever, in times of strife banks seemed unwilling to lend any support.
shed 43p to 960 and
plunged 81p to
Europe's other major stock markets finished Monday in negative territory, as technology shares had a rough ride. The
in Paris closed down 148.4, or 2.4%, at 6,110.1 and the
in Frankfurt was down 109.7, or 1.6%, at 6,666.7 late in the German trading day. The
index was 214.4 lower, or 4.6%, at 4,499.2.
Although the Neuer Markt rebounded slightly from a 7% loss and a new low for the year, the poor sentiment hit Germany's blue-chip techs.
fell 3.60 euros, or 2.5%, to 141.30 ($122.76),
was down 9.70 euros, or 4%, at 233.90 and
fell 1.68 euros, or 3.2%, to 51.65.
Telecom shares were also lower, as
fell 6.50 euros, or 5.7%, to 108.50 amid reports it might bid for
, which closed up 1.39 euros, or 3.6%, at 40.
was off 0.80 euros, or 2.1%, at 37.50 and
closed down 0.71 euros, or 3.1%, at 22.55.