Russian stocks also dropped by similar amounts reaching their lowest level in two years, resulting in the authorities in Russia to suspend trading on 17 and 18 September 2008. For that entire week, the stocks of most emerging market countries showed significant declines.
Those included Israel (-10,8 per cent); Romania (-7,3 per cent); Thailand (-4.5 per cent); South Africa (-2,9 per cent); Hungary (-2,1 per cent); Czech Republic (-2,0 per cent); Poland and Turkey (-1,9 per cent) and Korea (-1,5 per cent). Emerging Market Bond Indices (EMBI) spreads over US Treasuries widened sharply during the week under review.