LONDON -- U.K. market makers have become defensive after the trials and tribulations of Wall Street overnight, and the FTSE 100 was down 90.4 points to 6266.6.

The

Nasdaq

staged an about-face in the last hour of trading that saw the composite index lose a 100-point gain to finish with a net loss of 93 points. That slimmed any chance of the technology sector recovering from the current rot, and the

Techmark

index fell 78.9 points to 3644.0.

Baltimore Technologies

(BALT)

was down 401p to

66.70 (US$105.39),

ARM Holdings

(ARMHY)

slid 147p to

32.50,

London Bridge Software

was 137p lower to

41.20 and

Energis

(ENGSY)

shed 83p to

25.50.

It wasn't all one-way traffic.

JSB Software Technologies

jumped 125p to

19.00 following very good third-quarter figures. Also,

Fine Art Developments

rose 20p to 279 on news that it is to provide a home shopping e-fulfillment service to

Matalan

, which was unchanged at 475.

The telecom sector featured two heavyweights, but they were moving in opposite directions Friday morning.

British Telecom

(BTY)

continued to respond to its

restructuring plan and gained 11p more to

11.44. But as

Vodafone AirTouch

(VOD) - Get Report

topped BT's bid for license B in the third-generation mobile-phone auction with a counterbid of

5.125 billion, it lost virtually all of Thursday's 11p gain to trade at 313.

Colt Telecom

(COLT)

slipped 27p to

27.90.

Europe's other major markets also were lower. The

Xetra Dax

in Frankfurt was down 69.54 to 7379.52, and the

CAC 40

in Paris lost 50.11 to 6214.23.

Perhaps boding ill for the imminent initial public offering of its Internet unit,

Deutsche Telekom

(DT) - Get Report

slipped 2.73 euros to 71.90 (US$69.02). Other European telcos saw little interest from investors heading into the weekend, with

France Telecom

(FTE)

down 2.20 euros to 164 and

Telefonica

(TEF) - Get Report

off 0.20 euro to 24.82.

In Frankfurt, both

Dresdner Bank

(DRSDY)

and

Commerzbank

(CRZBY)

continued to gain amid speculation they might merge. Dresdner was up 0.39 euro to 46.38, and Commerzbank was 1.14 euros higher to 42.64.

German tech shares were mixed, with

Epcos

(EPC) - Get Report

up 4.19 euros to 130, software maker

SAP

(SAP) - Get Report

almost unchanged at 628.50 euros and

Siemens

(SMAWY)

down 2 euros to 141.75.