After President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash agreed on Tuesday to resume direct talks on the future of the divided island, the beleaguered Cyprus Stock Exchange saw its index shoot up 7.3% to 143 on Wednesday and Thursday, pulled higher by investors relieved at news long-stalled talks on the division of the island would resume in January, and reversing a week of losses.
"A step towards settling the Cyprus problem and without undoing the European Union (membership) prospect is very positive," said Laiki Investments senior analyst Yiannis Tirkides. But another broker said the market may have overreacted. "It is overly biased to look at things positively. Things have not really changed that much on the ground. We don't know for sure that things will get better in future," the broker said.
As recently as early October, the market was flirting with the 100 level, having fallen precipitously from 800 at the peak of its short-lived boom in 1999. The Government continues to toy with various schemes meant to underpin the market, but investors caught out when the market crashed are still licking their wounds - it's probably too soon to imagine that the party will start all over again.
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