The new year bull market that made Dublin one of the strongest-performing markets over the past week finally came to an end, and many investors were happy to take profits from a market that has gained almost 6 per cent from its 1997 close. And even after last night's close at 4276.33, the Dublin market is already well on the way to meeting, if not exceeding 1998 forecasts for the ISEQ of 4800.

Financial stocks lost 0.45 per cent, while the general share index slid 0.77 per cent as the Irish market followed the international downward trend.

Most European stock markets fell toward the close, upset by a falling dollar and weakness on Wall Street which was in turn spooked by the deepening crises in Indonesia and Thailand.

Trading remained heavy in the major financial shares, most of which fell slightly on the day - the exception being AIB which gained 2p to 745p. Bank of Ireland lost 8p to £11.52, but may find renewed support after a bullish report from S&P which included a re-rating from "negative" to "stable". Irish Life came off its high with a 7p fall to 428p, Irish Permanent lost 5p to 780p after jumping 25p on Wednesday, while Anglo Irish was 3p lower on 147p.

Building materials group CRH - chosen by investment bank Robert Fleming as one its 50 favoured European stocks for the coming year - lost 15p to 865p but was finding bids at 870p at the close. Smurfit, however, suffered from the poorer tone on Wall Street and lost most if its recent gains, closing down 14p on 203p.

Some second-liners which missed on the bull market of the first half of the week, rose sharply. DCC was 15p higher on 480p, Fyffes was 1p firmer on 117p ahead of Monday's full-year results while Golden Vale reached levels it has not seen for well over three years with a 4p jump to 92p.

Elsewhere in the food sector, performance was mixed with Greencore ending 2p higher at 350p after rising to 355p earlier in the day, Avonmore closing unchanged at 260p, while Kerry Group slipped 2.5p to 770p.

Independent was 10p higher on 420p with a growing view in the market that Indo will not bid for any of the regional newspapers in Britain being sold by United Newspapers.

Heiton was 8p higher on 230p after reporting a 23 per cent rise in its half-year pre-tax profits to £5.7 million and a 17 per cent rise in its turnover.

Abbey, which saw its interim pre-tax profit more than double to £7.56 million on the back of a housebuilding surge in Ireland and Britain did not trade from its last price of 275p, but was well-bid at 280p ahead of expected full-year profits and earnings upgrades.

Buoyant conditions are expected in the traditionally slacker second half and the company looks set to record profits of around £14.5 million for the full year, representing a 60 per cent increase on the £9.1 million generated in the previous year.

Elsewhere, Clondalkin added 10p to 585p, James Crean was 2p lower on 158p as the market waits on news of asset disposals and European Leisure was 17p higher on 157p as the Maygay disposal was approved by an EGM.