Estonian stock market falls sharply Monday morning as oil prices plummet
The Tallinn Stock Exchange took a hit Monday morning as the OMXT index fell 3.3 percent, to 1,217.76 points, Baltic News Service reports.
The decline, which took place against the backdrop of plummeting world oil prices, saw all main-list stock falling during the first hour of trading, and continued a downward trend from Friday's trading.
The biggest fall in early trading was experienced by clothing firm Baltika, whose stock sank 18.7 percent to €0.1, with a turnover of €1,800 from 18 trades, according to BNS.
Trades transacted during the first hour of the session numbered 1,751, with their turnover totaling €1,082,106.
The biggest turnover at €225,500 from 241 trades was registered by financial services group LHV, though its stock tumbled 5.34 percent. Stock in shipping company Tallink fell 3.06 percent, to €0.886; turnover was €215,200 from 261 transactions, the second highest of the morning, BNS reports. On Friday, Tallink shares saw the largest turnover at €522,200 from 712 trades, though also fell 2.56 to €0.914 over the same period.
On Friday, the OMXT fell 2.26 percent to 1.259.33 points.
Oil prices fell by nearly one-third on Monday, the sharpest fall since the 1991 Gulf War. The price of West Texas Intermediate was down 30 percent, while Brent crude fell 26 percent.
The fall comes as OPEC+ talks collapsed late last week, potentially signaling the end of a Saudia Arabia-Russian alliance which had been shoring up crude prices, as well as sinking demand as a result of coronavirus concerns. Additionally, Saudi Arabia has slashed prices on its inventory, which has had an effect.
British and German stock markets slumped over 8 percent in the opening minutes of trade on Monday, according to BNS, with earlier plunges of a similar lefel experienced in Tokyo and Sydney.
Editor: Andrew Whyte