Tags: Cyprus | Stocks | Market | europe

Cyprus Stocks Retreat as Market Reopens After Two-Week Hiatus

Tuesday, 02 Apr 2013 08:55 AM

The Cyprus General Market Index declined as the stock market reopened following a two-week closure imposed as policy makers wrangled over the terms of a 10 billion-euro ($13 billion) bailout of the indebted nation.

The benchmark measure retreated 2.5 percent to 99.54 at 2:12 p.m. in Nicosia as Hellenic Bank Pcl sank 20 percent, cruise operator Louis Plc tumbled 18 percent and Logicom Ltd. fell 3.6 percent. There was no volume in any of the other 15 stocks in the index. Traders completed 29 transactions Tuesday, worth a total of 18,248 euros, according to the Cyprus Stock Exchange website.

Cypriot shares last traded on March 15 as euro-area leaders tried to force losses on all bank depositors to cut the cost of financial aid for the Mediterranean nation. While parliament rejected that plan, a subsequent agreement imposed larger losses on deposits greater than 100,000 euros and shut Cyprus Popular Bank Pcl. Amid the crisis, Cyprus set a 300-euro daily limit on bank withdrawals and restrictions on transfers to accounts outside the country.

“Officials in the indebted island have decided to resume trading after being closed for two weeks, David Madden, a market analyst at IG in London, wrote in e-mailed comments. ‘‘Despite that, equities in Cyprus are in the red while the rest of the EU are in the black.’’

2007 High

The Cyprus General Market Index has declined 13 percent this year, according to data compiled by Bloomberg. The gauge has slumped 98 percent from its October 2007 high, compared with a 24 percent drop in the Stoxx Europe 60 Index.

Hellenic Bank, the island nation’s third-largest lender, slid 20 percent to 13.4 euro cents. The company sold its Greek units to Piraeus Bank SA last month.

Louis plunged 18 percent to 1.4 euro cents. Shares in the tourism company peaked at 6.15 euros in November 1999, according to data compiled by Bloomberg.

Logicom, a wholesaler of computer parts, fell 3.6 percent to 27 euro cents.

Bank of Cyprus Plc and Cyprus Popular Bank, the nation’s biggest banks, account for 60 percent of the benchmark index’s weighting, data compiled by Bloomberg show. Both companies will remain suspended from trading until April 15, according to statement on the Cyprus Stock Exchange’s website.

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The Cyprus General Market Index declined as the stock market reopened following a two-week closure imposed as policy makers wrangled over the terms of a 10 billion-euro ($13 billion) bailout of the indebted nation.The benchmark measure retreated 2.5 percent to 99.54 at 2:12...
Cyprus,Stocks,Market,europe
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2013-55-02
Tuesday, 02 Apr 2013 08:55 AM
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