“I doubt there will be any co-relation with our market, I don’t think it will affect our exchange. We have not seen a correlation between the market recently,” says Marlene Street- Forrest, General Manager Of The Jamaica Stock Exchange.
Speaking with World Music Views Money on Monday regarding the crash of the Japan, Taiwan and New York Stock Exchange Dr. Street Forrest says, “The U.S. has reduced their interest rate, we have not, it impacts the market differently. I doubt there will be any correlation.”
Several entertainment related companies are listed on the Jamaica Stock Exchange include Pulse Investment Ltd. KLE Group, owners of Usain Bolt’s Tracks and Records restaurant franchise, iCreate Ltd. and lotto company Supreme Ventures.
Executive Chairman of Supreme Ventures Ltd. Gary Peart, decline to comment on the potential market volatility in the U.S. and how it will affect Jamaica, only explaining to WMV Money that he is currently in Paris at the Olympic Games.
Similarly on Monday, Dr. Street Forrest said that she is yet to fully analyze whether it will be a repeat of the 2008 market crash which affected stock exchanges worldwide. “I don’t know, I can’t say, I have not been able to analyze the situation as yet, I think we have to wait and see but as of now I don’t think it will have any impact.”
On Monday August 5, multiple brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, went down and reporting errors amid market crashes.
Robinhood has halted 24-hour trading due to huge market volatility, suspended all 24-hour trades until further notice.
$1.93 trillion has been wiped out from the US stock market so far today as the Nasdaq has dropped over 1,000 points. Officials say the Nasdaq has never been this low, not even intraday.
