Cyprus Bourse had a satisfactory year, CSE Chairman says

16:19 - 29 December 2023

Economy Reporter

The Cyprus Stock Exchange (CSE) had quite a satisfactory year in 2023 with the CSE General Index marking an annual growth of 52%, Marinos Christodoulides, Chairman of the CSE Council said in a statement on the Cypriot stock market in 2023.

He noted that the annual rise by 27 December followed the annual rise of 2022 which amounted to 30.42%.

This annual performance arose from increased investor interest and mainly the performance of a number of listed companies, including those of the banking sector as they recorded significant profitability for 2022 and the first three quarters of 2023, Christodoulides added.

He noted however that 2024 will have significant challenges given the significant volatility and geopolitical developments observed in the last two years due to the continued war in Ukraine and the conflict in the Gaza Strip.

In 2023, Christodoulides pointed out the average daily volume of transactions rose by 21.5% year on year, whereas foreign investors in the Cypriot stock market rose by 17%.

Christodoulides said the CSE’s market capitalisation rose to €9.9 billion, marking an annual increase of 26.5% with the Emerging Companies Market capitalisation amounting to €5.8 billion marking a 53.5% year on year.

He also noted that 10% of the CSE’s average transaction activity was generated by CSE members that operate for investors abroad.

Furthermore, Christodoulides said in 2024 the CSE will intensify the project involving the CSE privatisation, adding that CSE places emphasis on the operation of the bond market, with the dual trading of EMTN bonds issued by the Republic of Cyprus, as well as the trading of domestic bonds issued in 2024.

(Source: CNA)

Cyprus Bourse had a satisfactory year, CSE Chairman says

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