Stocks in Toronto closed lower in light trading, today, profit-seekers looked to the technology sector. Due to the holiday, volume was exceedingly low, as 122 million shares valued at $1.3 billion exchanged hands. Declining issues beat out advancing issues 623 to 348. Another 193 issues were unchanged.

The Toronto Stock Exchange S&P/TSX composite index closed down 96.15 points, or 1.5%, at 6,293.86. The S&P/TSX 60 index fell 5.94 points, or 1.65%, to 354.52.

Nine of the TSX composite index’s 10 subgroups fell, led by a 5% drop among the tech stocks. This countered a drive of surged 44% during the past month. The sell-off was preceeded by foreboding revenue forecast from Cisco Systems and a lacklustre earnings report from Canadian semiconductor manufacturer, Zarlink.

Nortel Networks Corp. fell 23¢, or 11%, to C$1.88. It’s the first time Nortel closed below the $2 since Nov. 1. Research In Motion gave back a part of its 28% gain from Friday – made after an announcement that it has a licensing agreement with Nokia.

Ballard Power Systems Inc. led the 2.8% slide among industrial stocks. It fell 98¢, or 5.7%, at $16.12. Bombardier Inc. dipped 26¢, or 4%, to C$5.60.

South of the 49th parallel, fear continues to grow that a U.S.-led war in Iraq is in the offing. The Dow Jones industrial average fell 178.18 points, or 2.09%, to 8,358.95. The Nasdaq composite index slid 40.09 points, or 2.95%, to 1,319.19.