Cyprus Stock Exchange Crisis Still Mounting
The
Cyprus Stock Exchange almost collapsed yesterday under the
huge increase in the volume of recent trading. The President and
the Finance Minister had to step in when brokers threatened to
strike on Friday if the CSE Council continued to demand immediate
settlement. To help clear the backlog of unfinished transactions,
the Council has agreed to limit trading to one hour a day on four
days per week, with a ceiling of 3,000 on the number of daily
transactions. The crisis
has been gaining momentum for several months and even forced
the closure of the CSE for a full week last month. Monday this
week saw an all-time turnover high of £117.48m which sent the
share index up 26.72% to a record 477.17. The rest of the week
still saw massive volumes with £81.14m on Tuesday, £58.86m on
Wednesday and £59.02m yesterday. These amounts are well above
the August daily average of £39.2m and the £25.3m for July. The
Index fell to 409.17 yesterday, a reduction of 9.59% on Wednesday's
figure. .
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