Iceland stock market not looking good

Figure 1: The value of the OMX Iceland 15 from January 1998 to October 2008 (log scale).
.

Iceland Stock Market
.
Trading in shares of six financial companies on the OMX Nordic Iceland Exchange was suspended on 6 October by order of the FME. On Thursday 9 October, all trading on the exchange was frozen for two days by the government "in an attempt to prevent further panic spreading throughout the country's financial markets". The decision was made to do so due to "unusual market conditions", with share prices having fallen 30 percent since the start of the month. The closure was extended through Monday 13 October due to continuing "unusual market conditions".

.
The market reopened on 14 October with the main index, the OMX Iceland 15, at 678.4, compared with 3,004.6 before the closure. This reflects the fact that the value of the three big banks, which form 73.2 percent of the value of the OMX Iceland 15, had been set to zero.

.

After a week of very thin trading, the OMX Iceland 15 closed on 17 October at 643.1, down 93% in króna terms and 96% in euro terms from its historic high of 9016 (18 July 2007).

.

Source:

If you are interested, I found a link to an OECD report on the environmental performance of Iceland.

.

What do people think??

.

Comments most welcome !!

.

Please check out:

.

Combating Climate Change and Boosting Growth Are Natural Allies

.

Splitting: 'jobs' versus 'the environment'

.

Polar Bear Begs