Although I don’t know for certain, I’m going to guess that a 77% single day drop for an entire index is the largest single day drop for an index ever anywhere…
Looks like Iceland just melted.
So if you thought 8% - 10% down days were bad, you ain't seen nothing yet.
Icelandic Stocks Drop 77% as Trading Resumes After 3-Day Halt: “Iceland's benchmark stock index plunged 77 percent, the biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country's largest banks.
Kaupthing Bank hf, Glitnir Bank hf and Landsbanki Islands hf 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 percent of the ICEX 15 Index's value prior to the nationalization.
The OMX Iceland 15 Index fell 2,317.23, or 77 percent, to 687.39 as of 11:48 a.m. local time. Five of the 13 other stocks in the index didn't trade, while the five that did account for about 7.1 percent of the index's value.
Trading was halted since Oct. 9 after the measure lost 30 percent in nine days as the country's financial system collapsed. Iceland's delegation started talks in Moscow today to secure an emergency loan of as much as 4 billion euros ($5.47 billion) from Russia.
The country should seek aid from the IMF and later apply for European Union membership and adopt the euro, Foreign Minister Ingibjorg Solrun Gisladottir wrote in Morgunbladid on Oct. 13.
Among the stocks that did trade today, Alfesca, a maker of salted fish products, dropped 0.85 krona, or 16 percent, to 4.6 kronur. Icelandair Group Holding hf, the country's largest carrier, retreated 0.7 krona, or 4.5 percent, to 14.8 kronur. Marel hf, an Icelandic meat processing company, added 1 krona, or 1.4 percent, to 72.7 kronur.”
Icelandic Stocks Drop 77% as Trading Resumes After 3-Day Halt: “Iceland's benchmark stock index plunged 77 percent, the biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country's largest banks.Kaupthing Bank hf, Glitnir Bank hf and Landsbanki Islands hf 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 percent of the ICEX 15 Index's value prior to the nationalization.
The OMX Iceland 15 Index fell 2,317.23, or 77 percent, to 687.39 as of 11:48 a.m. local time. Five of the 13 other stocks in the index didn't trade, while the five that did account for about 7.1 percent of the index's value.
Trading was halted since Oct. 9 after the measure lost 30 percent in nine days as the country's financial system collapsed. Iceland's delegation started talks in Moscow today to secure an emergency loan of as much as 4 billion euros ($5.47 billion) from Russia.
The country should seek aid from the IMF and later apply for European Union membership and adopt the euro, Foreign Minister Ingibjorg Solrun Gisladottir wrote in Morgunbladid on Oct. 13.
Among the stocks that did trade today, Alfesca, a maker of salted fish products, dropped 0.85 krona, or 16 percent, to 4.6 kronur. Icelandair Group Holding hf, the country's largest carrier, retreated 0.7 krona, or 4.5 percent, to 14.8 kronur. Marel hf, an Icelandic meat processing company, added 1 krona, or 1.4 percent, to 72.7 kronur.”
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The banks are rationing foreign currency. Customers are being asked to produce flight/boat tickets abroad before being allowed to exchange money.
Government is asking banks to prioritize foreign exchange for imports of necessities like food, medicine and energy.
Super markets are having difficulty getting imports and must now pay in cash before shipment. People are hoarding food and goods, offloading cars (and car loans), buying safes to keep their withdrawn cash and extra refrigerators. It's crazy.
Clear case of global warming
i don't recall this story of the Iceland one day meltdown was reported on CNBC this morning. just absolutely horrific to hear these events (meltdown and hoarding) could happen. just pray this doesn't start to be common theme globally in the near future.
Jimmy
Yes, the Iceland story is stark. In a way figuratively and literally it will be kind of an isolated/remote situation to observe how things develop as compared to the larger more populated/mobile areas like mainland Europe, Asia, or us.
I don't mean observe as in watch the train wreck, but understand how best to work the larger ones out......that is if they can be worked out. Isn't the 77% so quickly very much like our depression?
Brant, Atlanta, GA
I heard on CNBC that iceland was going to replace all of the heads of the banks with replacements that are women.. Kind of funny. I'm not sure what their reasoning is,
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Quite worthwhile material, thank you for the post.
Thank you! I didn't know they picked up on it until I saw your comment.
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