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Selling in the Americas
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August 21, 1998: 2:28 p.m. ET
Afternoon trading sees Canadian and Latin financial markets extend losses
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NEW YORK (CNNfn) - No market in the Western Hemisphere was spared the bloodbath Friday as the Dow Jones industrial average lurched sharply lower amid turmoil in emerging market economies, particularly devaluation fears in Venezuela.
Stocks in Caracas tumbled, shedding a hefty 356.15 points, or 10.29 percent, to 3,104.49 near the close. The writing was on the wall from the start when the bolsa lost 5.6 percent at the market's open.
Brazilian shares resumed trading after the Sao Paulo stock exchange lifted a circuit breaker imposed earlier after losses on the blue-chip Bovespa index reached 10 percent.
The Bovespa was down 605 points, 7.57 percent, at 7.387 after trade restarted.
The Peruvian stock market fell 5 percent from the opening, also triggering circuit breakers. When the market reopened, the IGRA Lima General index was down 86.79 points, 5.73 points, at 1,428.28.
And Argentina's bolsa took it on the chin as well, shaving 40.09 points, or 9.07 percent, to trade at 401.74 in late morning activity.
"The market is panicking, and there are not a lot of chances that it will trim its losses," one Buenos Aires stock analyst said.
Mexican shares weren't far behind, having fallen 195.11 points, or 5.58 percent, to 3,303.70.
In Canada, stocks fell more than 2 percent as slumping banking stocks and weak overseas markets unnerved investors.
The Toronto Stock Exchange 300 Composite Index fell 171.61 points or 2.67 percent to 6,249.40. Volume was more than 7 million shares worth C$161.2 million.
All 14 of the TSE 300's subindexes fell, led by a 3.2 percent swoon in the heavily weighted financial services group.
The sector, which accounts for about 25 percent of the overall index, continued to lose ground as investors expected bank earnings to continue to disappoint. 
-- from staff and wire reports
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