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Tel Aviv Stock Exchange to delay trade

Sun Oct 12, 2008 4:18am EDT

TEL AVIV, Oct 12 (Reuters) - Trading on the Tel Aviv Stock Exchange will be delayed on Sunday due to massive sell orders which point to a decline of 8.6 percent in the blue chip Tel Aviv 25 index .TA25.

The market had been closed since Wednesday due to the Yom Kippur holiday.

The stock exchange implements circuit breakers whenever there are sharp swings in the index.

According to these rules, a 5 percent or more swing in the TA-25 index in pre-trading hours will lead to a 45-50 minute delay in the opening of trade.

If after the 45 minutes, the fluctuation is 12 percent or more, trading will be delayed again. The amount of time will be determined by the head of the exchange, who could decide to suspend trading for the entire day, according to the bourse's rules.

(Reporting by Tova Cohen; Editing by Sanjeev Miglani)



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