CSE in the red

The Cyprus Stock Exchange fell in the red on Wednesday, affected by the negative climate in the European markets. Fed’s decision to cut interest rates by 25 base points to 4.25% disappointed Wall Street. Analysts support that yesterday’s slump is mostly linked to the investors’ expectations for a further interest rate cut and Fed’s remarks for a slowdown of the US economy. Pressured by the banking stocks, the CSE general index is currently (13.28) recording losses of 2% to 4869.82 points, while FTSE 20 is down 2% as well to 1668.34 points. Of the banking stocks, Bank of Cyprus is slumping 2.19% to €12.52, Hellenic Bank is losing 2.39% to €4.90 and Marfin Popular Bank is down 1.91% to €9.22. The trading volume stands at €4.5 million.

Overall, 10 securities are up, 39 fall and 34 remain unchanged.

Similarly, London is suffering losses of 0.84%, Paris is down 1.24% and Milan is losing 0.77%. In the US, Down Jones fell 2.14% to 13,432.77 points, Nasdaq declined 2.45% to 2652.35 points and S&P 500 dropped 2.53% to 1477.65 points.