Trading on the Zagreb Stock Exchange was suspended on Thursday after the local composite index Crobex dropped by more than 10 percent.

On opening, falling stock prices had triggered a circuit-breaker at 9.45 am. Although trading continued soon after, extreme volatility continued and triggered a second suspension which closed the stock exchange for the rest of day.

Pressured by the negative sentiment on world’s stock markets amid the global coronavirus pandemic, Crobex had plunged on by 10.18 percent, dropping to little over 1,429 points, its lowest level since 2009.

Before trading was suspended, in less than two hours of trading the volume of trading was 8.6 million kuna (€1.1 million) with many stocks registering a two-digit price drop.

The highest turnover was in shares of Valamar Riviera, Croatia’s largest hotel company which runs 36 hotels and resorts along the coast, whose stocks went down more than 14 percent.

All other tourist industry stocks saw significant price drops after travel restrictions around the globe signalled probably one of the worst years for the travel industry in decades.

Other stocks that saw a drop in price of more than 10 percent were tech companies Ericsson Nikola Tesla, telecom Optima Telekom, food giant Podravka, car parts manufacturer AD Plastik, Atlantska Plovidba shipping company, and hotel and food group Adris.

(€1 = 7.53 kuna)

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