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Drugmakers led the way in the losses with AstroZeneca and GlaxoSmithKline both falling back, reports Bloomberg. The former saw its biggest drop in six weeks after predicting lower earnings than anticipated.
Britain's benchmark FTSE 100 Index slumped by 24.45, or 0.5 per cent, hitting 5,340.54 this morning, and the FTSE All-Share index fell 0.4 percent.
Terry Pratt, institutional trader at IG Markets, told the news provider any hopes for a "Santa rally" in the final week of trading seem to be disappearing.
However, he added that "the combination of bargain hunters and a quiet market could well offer a degree of support in the days ahead".
Data published by the CBI last week showed that 44 per cent of enterprises recorded lower than normal exports over October, one factor in the UK's sluggish market.
Posted by Chris Weaver
