Market reels on huge losses

THE CYPRUS stock market was reeling yesterday when the the index slid to a record low after a bad week and uncertainty over the euro zone debt crisis. 

The general index plunged 7.16 per cent, a new record.

The main market index fell by 7.61 per cent while banking index fell 7.8 per cent. 

Bank of Cyprus shares plummeted by 7.77 per cent followed by Marfin Laiki at 9.27 per cent and Hellenic Bank 3.39 per cent.  

The FTSE/CySE 20 index fell by 6.99 per cent. 

The hotels index marked no change, the alternative market rose slightly by 0.19 per cent while the parallel market rose by 1.52 per cent. 

Total transactions for the day amounted to €1.42 million.  

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.