Network failure hits pricesgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Tuesday, January 18, 2000 BOMBAY
Network failure hits prices
Indian shares closed sharply lower yesterday on heavy unwinding by traders amid institutional sell-offs after a network failure in the Bombay Stock Exchange's trading system affected about 300 broker terminals.
Dealers said the affected brokers were unable to execute orders, after which the exchange extended trading time until 4.15pm.
The BSE 30 Index dropped sharply from the day's high in afternoon trade as brokers and institutions not hit by the failure turned large sellers in key index counters.
"Brokers, who were unable to get connected to the system, were caught unaware and they also turned sellers in these and other blue chips after the network failure was rectified," a brokerage dealer said.
"This panic bout of selling, especially after a strong opening, saw the index falling sharply," he said.
The index earlier rose to more than 5,660 points on improved sentiment after the government decision to cut the interest rate on public provident funds.
-- Homer Beanfang (Bats@inbellfry.com), January 18, 2000
Thank you for all of your posts!!! =)
-- Dee (T1Colt556@aol.com), January 18, 2000.
HOOOOOOOORAYYYY HOMER !!!!!! A real post, about real computers, with real problems. Panic bout of selling triggered by computer network glitch???? Phew. This being January 18, 2000, over two weeks since rollover, at least we know it's an isolated problem and NOT related to the Y@K bug. FURTHERMORE, at least we know THAT THOSE THIRD WORLD COUNTRIES never prorperly addressed the Y2K bug in the first place -- those Indian programmers, for example, were too busy remediating code for Fortune 500 companies in the USA (>sigh< of relief). So that all our problems were fixed and something like this could never happen here; and certainly not in Europe, where although the Pakistan exchnage was shtdown January 1, 2000; and the Milan bourse was closed January 3-4 after rollover, they got it opened again real soon and everything is all right and no network problems would ever trigger a panic sell-off over here; so we can ....
Thank the Ford for coincidences!!!!
-- Squirrel Hunter (email@example.com), January 18, 2000.
What do you mean "A real post, about real computers, with real problems."? I heard a drunken Bombay cabby ran into a utility pole outside the exchange. :)
Bet my version makes the 11:00 news,
-- Someone (ChimingIn@twocents.com), January 18, 2000.