Monday, May 7, 2012

Today's Major Market Move: Cypriot Equity Market Tanks 12% in Monday's Session

It's not that often that you see a stock market move 12% in a single day, but as Cypriot equities showed us today, it can and does happen. In the aftermath of what was essentially a no-confidence vote in austerity measures and the current plan for the Greek economy, Greek and Cypriot stocks, moving in tandem as usual, took a bath. The FTSE/ASE 20, the Greek benchmark equity index, dropped 8% to go along with the 12% drop in the Cypriot benchmark equity index, the General Market CSE. Here's the top 10 equity index decliners in today's session:

Click here to go to the live table.
Cypriot equities had already broken through the lows of 2011/2012 a couple of days ago and today's move has put Greek equities on the brink of doing so.

Click here to go to the live chart.
If we expand our time window back to the beginning of 2008, we see astounding declines of over 95% for Cypriot stocks and over 90% for Greek stocks.

Click here to go to the live chart.

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