Today's Major Market Move: Cypriot Stock Market Down 71% for the Year

After a jaw dropping 20% decline this past week, the stock market in Cyprus has declined a total of 71% from the beginning of 2011. To put the magnitude of that drop in perspective, during the Great Crash of 1929 the Dow Jones in the U.S. fell a total of 47%, peak to trough. The Cypriot stock market has been the hardest hit globally this year, with the next worst performer being Greece at -60%.

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We've discussed Cyprus several times in the past (most recently here) and the Cypriot market has the dubious distinction of being the first equity market to trade at 2011 lows after the most recent European bailout announcement. The economy in Cyprus has been under assault from several directions: the global economic slowdown that started in 2008, the more recent European-focused downturn of 2011, numerous debt rating downgrades (with the latest by Moody's on Friday) and a freak accident in July where the island's main power generating facility was destroyed by stored munitions. There is at least some good news with regards to the power plant. It appears that all of the island's power demand is now being met as a result of temporary generators that were received in August. From the Famagusta Gazette:

The Director of Transmission System Operator (TSO) Christos Christodoulides has said the Cyprus is not facing any problems with power supplies across the island.

However, work still continues to fix problems created when the main electricity power plant was destroyed in a massive blast on July 11.

“There is a demand of 600-700 MW and we can provide for approximately 920 MW and we believe that if we do not have any unexpected breakdown in one of our generators, there will be no problems for at least until the end of this year," he said.