Today's Major Market Move: Cypriot Stock Market Declines Over 10% in Past Week

It's been a little while since we've featured Cyprus as the subject of our 'Major Market Move' post as the equity market there appeared to have stabilized itself over the past couple of weeks. The last time we discussed the Cypriot Stock Market was on Nov 5 after a staggering 20% weekly drop, which brought the annual decline to -71%.  The current news is unfortunately again negative with the market having just experienced a 10% weekly drop and the annual decline now sits at -78%. Here's the line chart for the main Cypriot equity index for 2011:

Click here to go to the live chart.

Here's the worst performing benchmark equity indexes for all of 2011:

Click here to go to the live table.

Granted with a GDP of a little over 23 billion, the Cypriot economy doesn't exactly dominate the Eurozone landscape. However we consider these smaller sized economies, such as Iceland, Belarus and Burundi potential canaries in the coal mine. The canary metaphor might not even be the best fit; maybe we should be calling them hummingbirds.