Icelandic Stocks Plummet 76 Pct As Trading Resumes
Iceland's benchmark stock index plunged 76 percent in the first day of trading after a three-day suspension following the collapse of the country's banking industry.
The OMX Iceland 15 Index fell 2,287.53, or 76 percent, to 717.09 as of 10:15 a.m. local time. Trading was halted since Oct. 9 after the index lost 30 percent in nine days.
Iceland has become one of the highest-profile victims of the credit crunch.
Last week, authorities took control of the operations of three major banks, Kaupthing, Landsbanki and Glitnir, in which hundreds of thousands of Britons have savings.
Trading in six financial stocks - Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Reykjavik Savings Bank (SPRON) and Exista - remains suspended.
The OMX Iceland 15 Index fell 2,287.53, or 76 percent, to 717.09 as of 10:15 a.m. local time. Trading was halted since Oct. 9 after the index lost 30 percent in nine days.
Iceland has become one of the highest-profile victims of the credit crunch.
Last week, authorities took control of the operations of three major banks, Kaupthing, Landsbanki and Glitnir, in which hundreds of thousands of Britons have savings.
Trading in six financial stocks - Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Reykjavik Savings Bank (SPRON) and Exista - remains suspended.
