Sunday, August 25, 2013

Typo supposedly causes 99% decline in Israeli stock

typing error caused the value of one of Israel’s largest companies to instantly drop over 99% in value Sunday, dragging the Tel Aviv stock exchange down several points before the mistake was discovered and fixed.
The catastrophic mistake was apparently caused during a transaction by a trader who wanted to sell shares in another company but accidentally entered Israel Corp. shares instead,Globes reported.
The transaction was canceled, but in the meantime trading ground down to just 84% of the daily average.
Israel Corp. is Israel’s largest holding company, primarily dealing in fertilizers and specialty chemicals.
As of 2:45 p.m. the TASE-25 had made an almost complete recovery.
A chart showing the TA-25 making a sharp drop. (Screenshot:
A chart showing the TA-25 making a sharp drop. (Screenshot: