The Caracas Stock Exchange plunged over 12% Tuesday on continued worries about President Hugo Chavez's plans to nationalize several of Venezuela's key industries, including oil.
According to CNBC's Michelle Caruso-Cabrera, who is in Caracas, a lot of that nervousness stems from the fact that Chavez hasn't explained much about how the nationalization will work.
"A week ago today, Hugo Chavez said he wanted to nationalize what he sees as the strategic sectors of the economy," Caruso-Cabrera said. "And yet we have no details about what he means."
The Caracas market fell more than 20% last week after Chavez announced his plans.
In a live interview from Caracas, stock exchange chief executive Nelson Ortiz told Caruso-Cabrera: "I'm worried but not panicked."
Still, Ortiz defended Chavez's nationalization plans, saying they are consistent with a new breed of socialism that can be broad enough to include private ownership. He cited both China and Vietnam as other examples of this type of socialism.
"We know that the stock market is about ownership," he said. "Multiple owners - so basically, what it does is it contributes to the democratization...of property."
Meanwhile, Oil Minister Rafael Ramirez said that Venezuela will end negotiations with foreign oil companies on how it will take a majority control of their operations along the Orinoco River.