Czech stocks see record losses on recession fears

CzechNews
7. 10. 2008 5:00
Investors fear bail-outs won't fix credit crunch

Prague - Stock markets plummeted around the world on Monday as the approval of the USD 700 billion bailout plan this past weekend failed to dispel investors' fears that the credit crunch may spread and stall the global economy.

Prague Stock Exchange yesterday saw the largest daily losses since its establishment in 1993, as the main PX index plunged 8.46% to 1,102.9 points, the lowest level in almost 3.5 years.

The hardest-hit were the shares of the CETV media group, which dropped by more than 23% to CZK 787 per share, followed by the country's top power producer ČEZ, whose shares lost 13.5% and closed at CZK 889. None of the 14 blue chips comprising the PX index saw any gains.

Despite efforts by European governments to rescue the ailing finance sector, the FTSEurofirst 300 Index sank by 8.6% to a four-year low of 996.02 points. In America, Dow Jones on Monday morning dropped below 10,000 points for the first time in almost four years, while Tokio's Nikkei index slumped 4.25%.

 

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