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Sao Paulo suspends stock trading

©

Latest update : 2008-10-06

The Brazilian authorities suspended trading at the Sao Paulo stock exchange Monday after the main South American financial centre's flagship index plunged by more than 10% in a few minutes.

Trading in Brazil's stock market was suspended minutes after opening on Monday, after the main index plunged more than 10 percent.

The rout on Latin America's biggest bourse mirrored that being felt by other stock markets around the world.

An automatic cut-off takes effect when the Ibovespa index in the Sao Paulo market loses 10 percent -- a bar reached within 19 minutes after opening as investors sought to exit what used to be one of the world's most promising emerging economies.

Monday's drop extended losses that last week officially tipped Brazil into a bear market.

The nation's currency, the real, was also in freefall, losing 5.21 percent over its value on Friday to stand at 2.15 to the dollar.

Date created : 2008-10-06

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