CSE revenue up 50 per cent

CYPRUS Stock Exchange (CSE) revenue rose 50 per cent to €6.4 million in 2007 over 2006, chairman Georgios Koufaris said yesterday.

Koufaris was speaking at a news conference to outlines the CSE’s results for last year.

He said the total monetary volume of transactions in 2007 amounted to €3.9 billion compared to €2.9 billion in 2006, while the daily average in 2007 was €15.7 million. Foreign investors accounted for some ten per cent of interest in CSE titles.

The general index had also risen from 3,970.64 points on January 1, 2007 to 4,820.72 at December 28. The index peaked at 5,518.50 on October 31.

Koufaris said the international credit crunch and global financial crisis was having an effect and this was leading more stock exchanges towards closer collaboration.

“At this stage we are trying to introduce new services and attract new markets, along with better management of costs,” he added.

Responding to questions, he admitted that the transfer of some Cypriot titles to the Athens Stock Exchange had negatively influenced the revenue of the CSE.

“Discussions are under way to compensate for the loss in revenue by other means,” Koufaris said.

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.