Stockwatch Daily: Tech depression lingers

The Nasdaq hit its lowest close since early March 1999 yesterday, and technology stocks today woke in negative territory in early trading in Europe.

The FTSE 100 slipped 0.3 percent while the FTSE TechMARK dropped 2.3 per cent. Tech stocks falling for a third straight day were led by Nokia falling nearly six per cent and software company Logica plunged 9.4 per cent to 1309p. Baltimore Technologies dropped 5.32 per cent to 267p, its lowest point since November 1999, after admitted yesterday that it may well by affected by the US economic slowdown this year. Online auction house QXL Ricardo dropped 5.1 per cent after US rival eBay bought France's iBazaar, falling to 925p - a long way from its 52-week high of 8000p. Bucking the trend were telecom firms, with Vodafone and Deutsche Telekom each rising.