Iceland's benchmark stock index plunged 77% as trading resumed after a three-day suspension and the nationalization of the country's largest banks. Kaupthing, Glitnir and Landsbanki Islands collapsed this month with debts equivalent to as much as 12 times the size of Iceland's economy. The three banks accounted for about 76% of the ICEX 15 Index's value prior to the nationalization. The OMX Iceland 15 Index fell 2324 to 680 as of 2:07 pm local time. Four of the 13 other stocks in the index didn't trade. Trading was halted since October 9 after the gauge lost 30% in nine days as the country's financial system collapsed. Iceland started talks in Moscow today to secure an emergency loan of as much as 4 billion euros ($5.47 billion) from Russia.
Just goes to show that halting trading to prevent bad results just brings on ever worse results alter on.
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