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Just after 08.30 local time, the Iseq fell by 35 points, slipping a further five by 10:00, reports the Irish Times.
The brunt of the losses was borne by Irish Life and Permanent, which fell by 3.2 per cent, while the Bank of Ireland fell by 1.4 per cent and Anglo Irish by 2.8 per cent.
Stocks in construction firms also suffered, with Grafton losing 1.1 per cent and CRH falling by 0.6 per cent.
Among the risers were United Drug whose shares remained positive, increasing by three per cent. The firm reported that group overall performance had exceeded last year's levels.
According to a recent Reuters report, over the last 12 months the Irish stock exchange has been one of the worst places in to trade, second only to Vietnam.
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