Teachers' raises cause stock market crash

Vineri, 24 octombrie 2008, 15:18 English | Business

The Bucharest Stock Exchange was forced to suspend all transactions less than an hour after president' Basescu's announcement on the approval of teachers'  50% raise, because of the fast fall of all indexes. During the first 50 minutes after the announcement, the BET-C index had dropped 8.78%, while BET-FI lost 12.23%. The session was reopened after a 15 minutes break.
This is the second time the Stock Exchange suspends transactions in October.

Indexes at 15:00h, after re-opening:
BET: 2,790.06, dropping 9.49%
BET-C: 2,096.23, dropping 9.63%
BET-FI: 11,009.83, dropping 13.53%
ROTX: 6,668.72, dropping 6.66%
BET-XT: 262.36, dropping 9.76%
BET-NG: 335.84, dropping 14.38%