The Cyprus stock market had a good run.
Opened in 1996, it reached as high as 5,500 points in Fall 2007.
But right now it’s closed indefinitely as a result of the country’s financial meltdown.
And as soon as it reopens, it will have completed one of the greatest wipeouts in market history, as TD Securities’ Richard Gilhooly notes.
Right now, the market trades around 100. Here’s the chart showing the collapse since then:
Even before Lehman, the CSE had already fallen back to 3,300 points by Summer 2008.
Gilhooly says when trading restarts, it could instantly fall another 50 per cent, and something larger is not out of the question. “The size if the market is tiny, but could still offer insights into the total damage inflicted on the island economy,” Gilhooly said in a note. “For reference, Iceland fell 95% from peak to trough by March 09.”
Gonna get ugly.
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