Paris Bourse suspends trading as shares plunge

October 8th, 2008 - 4:42 pm ICT by IANS  

Paris, Oct 8 (DPA) Trading on the Paris bourse was suspended briefly early Wednesday because of a flood of sell orders, after the benchmark CAC 40 index plunged more than 8 percent in the first hour of trading, the internet site of the daily Le Figaro reported.The suspension came as French shares found themselves in freefall after the opening bell, with investors reacting to large overnight losses on Wall Street and the Asian markets.

When trading was halted, the CAC 40 had lost 8.18 percent, to fall to 3,426.85, its lowest level since December 2003, as all 40 listed stocks were on the losing side of the ledger.

When trading resumed after a 30-minute pause, stocks recovered slightly, to be off by 6.4 per cent, at 3,493.51.

The French-Belgian financial service group Dexia led the way down, losing 17.12 per cent, to 4.89 euros.

Other banks also fared badly, with Societe Generale losing 9.96 percent, to 54.51 euros, and Credit Agricole sliding by 8.89 percent, to 12.66 euros.

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