The ISEQ experienced a cautious bout of light trading yesterday which had some main stocks yielding ground on the back of profit-taking following last week's gains. Dealers described yesterday's trading on the ISEQ as quiet with no particular features. The market closed down a marginal 0.14 per cent in light trade, following the trend of most European bourses.

The full effect of the lower of profit forecasts for next year by German banks was not felt although the news may increase investors' hopes of the Bundesbank reducing its interest rates amid the global uncertainty. In Dublin, the financials' slippage was more pronounced, with the index slipping back 1.62 per cent.

AIB lost 15p to close at 940p and Bank of Ireland shed 20p, closing at 1140p. Irish Life was also down, losing 15.75p to close at 515p.

Irish Permanent, however, gained 10p to 840p, putting in a strong performance when compared with to last week's opening price of 746p. First Active eased back 3p, just holding on to the 300p plateau.

Among the industrials, Smurfit rose by 3p to 105p to gain some lost ground on last week amid some jitters on the merger with Stone, but Elan accounted for much of the upward volume movement, rising 112p to £42.00. Powerscreen was down 6p sterling to 69p sterling (62.7p) in advance of Thursday's e.g.m.

Food groups also put in a good performance. Fyffes was up 3p to 118p in six deals and Kerry rose 20p to 850p.

Greencore gained 5p, closing at 270p.

Directors of Hampden, which owns the Texas Homebase and Reid Furniture, announced a total of 120,000 share purchases. Mr Stratton Mills, chairman, Mr Diarmuid Walsh, operations director, and Mr Danny McAleese, finance director, each purchased 40,000 ordinary shares of 10p each at 32p sterling per share.