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Business

Spanish stocks plunge 6.64% on eurozone concerns

Text by News Wires

Latest update : 2010-05-14

The Spanish stock market closed down 6.64% Friday on continuing fears over the economic stability of the eurozone. Stock markets worldwide were under pressure Friday, with the European single currency sliding to its lowest point since 2008.

AFP - The Spanish stock market closed down 6.64 percent at 9,341.7 points on Friday on continuing fears over the economic stability of the eurozone.

The benchmark Ibex-35 index of leading Spanish shares began tumbling after New York opened at around 3:30pm (1330 GMT) and the slump had accelerated further by 5:00pm.

Banking stocks were worst affected, with Santander sliding 8.98 percent to 8.32 euros and BBVA dropping 7.58 percent to 8.78 euros.

The euro and stock markets worldwide were under pressure Friday, with the European single currency sliding to the lowest point since late October 2008 amid fresh eurozone crisis concerns.

The Ibex-35 slump followed a record rise of 14.43 percent on Monday on the news of a trillion-dollar rescue deal by the European Union and International Monetary Fund to ease the eurozone debt crisis.
 

Date created : 2010-05-14

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