Tel Aviv – The Tel Aviv Stock Exchange (TASE) briefly halted trading on Sunday when a typo sent Israel Corporation stock plummeting 99.9%.
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According to a TASE spokeswoman, a trader from a TASE member intending to carry out a major transaction for a different company’s stock accidentally typed in Israel Corporation, the third-largest company traded on the exchange. The disparity in prices cause the company’s stock value did a nose-dive, from an opening value of NIS 1690 down to NIS 2.10.
Realizing the error, the trader quickly requested that the exchange cancel the transaction, incurring a NIS 10,000 fee for the trader.
The dramatic plunge in the Israel Corporation stock pulled down the TA-25, an index of the top 25 traded companies, down far enough to trigger automatic rules that halted trading. Once the transaction was cancelled, however, the prices returned to similar levels and trading continued regularly.
Israel Corp stock returned to normal trading levels, ending the trading day about 1% below its opening value, while the TA-25 ended less than a quarter of a percentage point down.
Content is provided courtesy of the Jerusalem Post
To decimate means to reduce to 1/10 of its size. As in decimal and December, dec refers to ten. You cannot decimate 99.99% of a stock value.
1.
kill, destroy, or remove a large percentage or part of.
“the project would decimate the fragile wetland wilderness”
2.
historical
kill one in every ten of (a group of soldiers or others) as a punishment for the whole group.
Since everyone is getting hung-up on technicalities, to decimate is to remove 1/10 (not leave 1/10).