Tallinn Stock Exchange takes major hit, biggest drop in 18 months

Archived Articles | 07 Oct 2008 | EWR OnlineEWR

Kaja Koovit of Äripäev reports in The Baltic Business News that investors in Estonia took a loss of 1.2 billion Estonian kroons (EEK) yesterday. Here is an edited excerpt from her report posted on balticbusinesnews.com:

The market value of Estonian telecommunication company Eesti Telekom decreased by more than EEK 300 million. The value of Eesti Telekom shares dropped 2.56 pct to EEK 95.29 on EEK 5.6 million turnover.

Hundreds of millions in value [was also lost by] Olympic EG (a drop of 7.5 pct) and Tallinna Kaubamaja.

It seems that the sales wave is caused by foreign investment funds who are starting to liquidate their holdings quite aggressively.

The Estonian bourse index OMX fell 3.3 pct; the fall in Riga and Vilnius bourses may be called a crash. The indexes in Riga and Vilnius fell 5.03 and 8.7 pct respectively.

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