PFTS index plunges, trading halted

PFTS index plunges, trading halted

October 24, 2008 at 12:53 | Elena Plekhanova
At the opening bell, the PFTS continued its losing streak and fell over five percent before PFTS suspended trading for one hour, Tiger Asset Management reports.

Big losers were Enakievo, Alchevsk Metallurgical Plants (at 11:06), Avdiivka Cokery Plant, Centerenergo, Motor Sich, and Azovstal. Each of the companies lost more than 10 percent in brief trading.

The market chaos was attributed negative news from world markets, oil price drops, falling national currency price as well as the International Monetary Fund's wait-and-see attitude towards Ukraine and political instability.

Trading volume as of 11:45 was $1.2 million.

The PFTS index has fallen almost 80 percent from the Jan. 1 start at 1160.34.