Romanian Stock Exchange To Resume Trading on Oct 9

“After consultations with brokerage houses operating on the [Romanian] market, BVB’s council decided to keep trade suspended for the whole day. Trading […] will resume on October 9 at the usual time,” BVB said in a statement.

The BVB suspended trading shortly after the open on Wednesday as most stocks tumbled by more than 12% from their Tuesday closes.

BVB's blue-chip BET index had lost 9.25% to 3,600.96 points just before the BVB suspended trading, and the BET-FI index, which tracks Romania's five regional investment funds, the SIFs, had sunk 14.64% to 19,284.43 points.

The BVB also said the sharp declines had nothing to do with the current state of the Romanian economy, but reflected the losses on the global markets.

The markets in Asia and Europe were deeply in the red on Wednesday on concerns the credit crisis will worsen and will lead to a global recession. The U.S. futures pointed to a lower open on Wednesday.

The stock markets in Bulgaria, Serbia and Slovenia lost more than seven percent each on Wednesday. They have been losing ground in the past month, dragged down by panic selling on the international markets following bank collapses in the U.S. and Europe.