Cyprus-Forum.com

[Johnson&Johnson]

Cyprus stocks dive on global selloff



27/02/2007



Cyprus stocks fell sharply on Tuesday in line with a global equity market selloff after Chinese stocks closed sharply lower following a clampdown by the Chinese government on illegal share trading.



The Cyprus Stock Exchange General Index, comprised of the Main and Parallel market stocks dived 2.24% Tuesday to 4278.28 points on 2477 trades for a total of EUR 12.35 mln volume.



A total of 16 titles moved higher, 101 were unchanged and 44 fell according to AGFN, the CSE data provider.



Marfin Popular Bank (CPB), the most active stock on EUR 3.6 mln volume fell 0.06% to EUR 8.08. Bank of Cyprus, the second most active, fell 3.33% to EUR 11.60 on EUR 2.5 mln volume. Hellenic Bank, the third most active closed 2.68% lower at EUR 2.90 on EUR 1.4 mln volume.



Other active stocks included SFS, down 3.3% at EUR 0.29 on EUR 0.8 mln volume while LUI was down 1.7% at EUR 0.59 on EUR 0.65 mln volume.

[G.Man]

There has been some profit taking after the heavy profit taking in china due to it peaking at over 3k on monday...

There is no sound basis for the dip in the prices other than people losing their nerve...

All economic indicators are good...

Very soon, there will be a few bargains to be had on the stock market before prices recover

[Sotos]

I sold the shares then at almost what has been the highest point for the last years But I disagree with you about property. Actually when the stock market is unstable this can increase the property prices since people move their money out of the stock market. And when the Euro will be introduced the interest rates will go down. And where will people invest their money then? I think in property again Maybe the prices will stop rising so fast. But I doubt the prices will ever go down. If you rent an apartment and you didn't buy now because you hope the prices will come down I think you made a wrong choice

[G.Man]

Only think likely to reduce property prices in cyprus is reunification, or a big selloff by tourists moving out..

Only chance of the latter happening is a big war in the middle east imho

[Johnson&Johnson]

There is no sound basis for the dip in the prices other than people losing their nerve...

All economic indicators are good...

This is amusing. So the enormous US dollar deficit, the crashing US housing market and subprime lender collapse, rising oil and energy costs, high inflation (consistently above the benchmarks set by the Federal Reserve, the ECB and the BOE) and record levels of personal debt in the US and UK are all good economic indicators.

Right.

[GorillaGal]

sell....but what do i know about your economy.... my thought is any profit is better than no profit, and even better than loss....

[Johnson&Johnson]

Sotos

Happy to hear you made a profit !

I own some property out here (flat and some plots) and some in the UK. I lose if there is a property crash. But I still beleive it will happen. It is basic economics, supply and demand, and money supply. But people never see the obvious until it smacks them in the face.

A bit like shares really. So let's come back to it later on, when it happens, and i can gloat a bit just as i am doing now about the stock market

[GAVCARoCOM]

I beleive you should sell them and invest on dollars . now its good time to buy dollars. or making proper investment is better than the stockmarket

[Johnson&Johnson]

GAVCARoCOM

That is maybe the WORST advice I have ever heard anyone give

The dollar will keep falling - even the americans know this, and they desire it to devalue their foregin debt

[GAVCARoCOM]

I always mada correct decisouns but if i tell him what to do with money that it is giid investment i dont think they will like it here.
I m sure $ will go up very soon.