Stocks fall 7 per cent.
THE CYPRUS Stock Exchange (CSE) index plunged nearly 7.0 per cent yesterday, following trends in Europe, Asia and the US, all of which closed in a weaker position than on Monday.
Markets were reacting to expected negative financial results from global corporations.
The CSE index dropped back to 1,505 points from its close on Monday at over 1,600. Trading opened in the red and stayed at around 1,580 points for most of the session until near closing when it slid further.
Banks sustained significant losses, Bank of Cyprus plunged 32 cents to [euro]4.10, Laiki slid 16 cents to [euro]2.42 and Hellenic Bank fell 11 cents to [euro]1.32.
Only three months ago BoC shares were worth twice what they are today, trading at over [euro]8. Six months ago they were worth over [euro]9, and a year ago they stood at [euro]13.
A year ago, Laiki shares were worth over [euro]10, and Hellenic were worth over [euro]5.
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|Publication:||Cyprus Mail (Cyprus)|
|Date:||Nov 12, 2008|
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