Business News

Brazilian stock exchange suspends trading after 10 per cent crash

Sep 29, 2008, 19:10 GMT

Sao Paulo - For the first time in close to a decade, the Brazilian stock exchange in Sao Paulo had to suspend its activities for half an hour Monday, after its Bovespa index crashed 10.6 per cent. The drop happened at 2:49 pm (1749 GMT), following news of the apparent rejection by the US House of Representatives of the 700- billion- dollar bailout plan devised by the White House for the US economy. Trading resumed, but could be closed down again , most likely for an hour, if the slide reaches 15 per cent. The previous suspension in the Brazilian stock exchange happened on January 14, 1999, in the middle of a foreign exchange crisis that led to a major devaluation of the Brazilian real.

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