The major issue of today’s financial press is yesterday’s CSE sudden drop and the “side effects” caused by the unexpected development.
The “Economy” inset of newspaper “Phileleftheros” under the title “Crash landing” deals with yesterday’s CSE session. Specifically, the newspaper mentions that within a few minutes the general index fell to –4%, while the Bank of Cyprus and its warrants attracted more than 47% of the total trading volume. The report also presents the development of the CSE general index and the share prices, and supports that yesterday’s session will probably lead to a further decline.
According to the report, analysts insisted that sudden rises in the CSE could be followed by sudden drops, however, no-one could predict that this drop would be as devastating as it happened yesterday.
Elsewhere, the newspaper quotes that FTSE20 synthesis will soon change and several companies will be found off the index.
The “Economy” inset of newspaper “Simerini” under the title “Vigilance for rises” refers to yesterday’s CSE session. The report highlights that SEC and PASEHA are activated in order to avoid the phenomenon of 1999, when listed companies shares soared, causing speculation against unsuspicious investors.
The report also point out that banks rebutted PASEHA’s allegations that “CSE rises are the result of new tricks adopted by banks, as in 1999”, stressing that “such severe charges must be substantiated before publicized”. “The Association is not aware of such information” the chairman of the Association of Commercial Banks, Georgos Hadjianastasiou said, stressing that “the majority of the share titles and companies’ financial statements do not justify CSE rises and investors should be more careful”.
Elsewhere the newspaper mentions that despite the evidence brought into light by the Investigation Committee over the case of “Drake, the Public Prosecutor cleared the CSE president (former chairman of “Drake” Board of Directors”), Pavlos Savvides, of all suspicion.
The “Economic” inset of newspaper “Alithia” under the title “Increased premiums imposed” highlights that an increase in the insurance sector is inevitable. According to the report, this increase is due to sector’s losses on 2001 that reached 21% combined with sector’s constant increasing cost of expenditure. “There is a need to increase premiums of all vehicles, no more than 30%”, the chairman of the Association of Insurance Companies said.
Elsewhere, the newspaper quotes that SEC will soon proceed to 10 new employments, increasing its staff to 35 persons.
The “Economy” inset of newspaper “Phileleftheros” under the title “Crash landing” deals with yesterday’s CSE session. Specifically, the newspaper mentions that within a few minutes the general index fell to –4%, while the Bank of Cyprus and its warrants attracted more than 47% of the total trading volume. The report also presents the development of the CSE general index and the share prices, and supports that yesterday’s session will probably lead to a further decline.
According to the report, analysts insisted that sudden rises in the CSE could be followed by sudden drops, however, no-one could predict that this drop would be as devastating as it happened yesterday.
Elsewhere, the newspaper quotes that FTSE20 synthesis will soon change and several companies will be found off the index.
The “Economy” inset of newspaper “Simerini” under the title “Vigilance for rises” refers to yesterday’s CSE session. The report highlights that SEC and PASEHA are activated in order to avoid the phenomenon of 1999, when listed companies shares soared, causing speculation against unsuspicious investors.
The report also point out that banks rebutted PASEHA’s allegations that “CSE rises are the result of new tricks adopted by banks, as in 1999”, stressing that “such severe charges must be substantiated before publicized”. “The Association is not aware of such information” the chairman of the Association of Commercial Banks, Georgos Hadjianastasiou said, stressing that “the majority of the share titles and companies’ financial statements do not justify CSE rises and investors should be more careful”.
Elsewhere the newspaper mentions that despite the evidence brought into light by the Investigation Committee over the case of “Drake, the Public Prosecutor cleared the CSE president (former chairman of “Drake” Board of Directors”), Pavlos Savvides, of all suspicion.
The “Economic” inset of newspaper “Alithia” under the title “Increased premiums imposed” highlights that an increase in the insurance sector is inevitable. According to the report, this increase is due to sector’s losses on 2001 that reached 21% combined with sector’s constant increasing cost of expenditure. “There is a need to increase premiums of all vehicles, no more than 30%”, the chairman of the Association of Insurance Companies said.
Elsewhere, the newspaper quotes that SEC will soon proceed to 10 new employments, increasing its staff to 35 persons.
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