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. Last Updated: 07/27/2016

Estonia Shares Slide

TALLINN, Estonia -- Estonian shares kept up their headlong slide Thursday, ending almost 9 percent lower on slow trade, dealer said.

The market, which ended 8.97 percent down at 189.63, has seen a dramatic fall from its high of 492.97, set Aug. 29, as higher interest rates have squeezed speculative investors.

"We are seeing leveraged investors still wanting to get out," another trader said.

"They hold back their sell orders for a short while and then, when there is a small rise, the orders come back on and the gains are gone," he added.

Many small investors fueled a summer share price boom by borrowing cash from banks to buy shares, which were then used as collateral to borrow more and buy more shares.