Israeli stock market stopped after 11 percent drop

JERUSALEM (AP) -- Stock exchange officials called off trading briefly at the Tel Aviv market after stock prices plunged 11 percent. The huge drop triggered an automatic suspension. When trading resumed after 45 minutes, an extra hour was added to make up for the suspension.

Media reports said a single sell order of about $10 million triggered the collapse.

At the end of the trading day on Thursday, one main index was down nearly 5 percent from the day before, and the other dropped 5.3 percent, with both regaining some value after the earlier selloffs.

Israel's stock market has been dropping steadily because of the world economic crisis. Analysts writing in the daily Haaretz economic section warned of further drops because of fears of a recession in Israel.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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