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Cyprus Stock Exchange Records Significant Increase By 12.87% In May

by THEFUTURE.TEAM

June 13, 2024

A significant increase of 12.87% was recorded in the Cyprus Stock Exchange (CSE) during May, mainly driven by the rise in financial companies, which accounted for 77.54% of the monthly trading volume.

The weight of Bank of Cyprus and Hellenic Bank stocks was particularly notable.

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According to a monthly review issued by CSE in the latest trading session of May 2024, the financial markets experienced a significant surge, with the General Index reaching 163.35 points, marking a notable 12.87% increase from the previous month. This upswing was accompanied by a substantial rise in the total value of shares traded, which increased by 51.28% compared to the preceding month.

However, despite the increase the highest level that the General Index reached for the month was 166,62 points. The other Market Indices reached the following levels: Main Market reached 127.47, Alternative Market 1,314.80, and Investment Companies 1.916,24 points. On a sectoral level, the Hotels Index reached 923.57 points. The FTSE/CySE20 reached 99.30 points. The market capitalisation of shares reached € 4.62 billion. According to this month’s results, the Main Market accounted for 21.28% of the total market capitalisation, the Alternative Market 6.23%, the Surveillance Market 0.49% and the Bond Market 72.01%.

Moreover, the total market capitalisation including the Bond Market reached € 16.52 billion compared to € 15.91 billion the previous month, registering an increase of 3.81%. The total value of transactions during the month in review reached € 17.41 million, with an average of € 0.92 million per trading session.

The Financials sector contributed 77.54% to the total value traded which was the highest among all other sectors. Investors primarily focused their interest on the shares of “Bank of Cyprus Holdings Plc” and also on shares of “Hellenic Bank Public Company Ltd” with 42.53% and 29.09% of the total value respectively.

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Industry Uproar Over Reduction in Electric Vehicle Subsidies

by News Editor

April 26, 2025

The recent move by the government to curtail subsidies for electric vehicles has stirred significant discontent among car importers in Cyprus. The Department of Road Transport (DRT) has slashed available grants under the Electric Vehicle Promotion Scheme as of April 23, leading to a rapid depletion of the subsidy pool and leaving many potential applicants disappointed.

Importers’ Concerns

According to the Cyprus Motor Vehicle Importers Association (CMVIA), the lack of transparency and failure to engage stakeholders prior to the decision have eroded trust in the government’s commitments. Importers now find themselves facing a precarious situation, with substantial stocks of electric vehicles and mounting promotional expenditures.

Public Interest and EU Compliance

Although the scheme aimed to support the transition to zero-emission transport until 2025, the DRT states that the curtailing of funds was necessary to comply with European funding terms, which warned against delays in vehicle deliveries. This decision has fueled market uncertainty despite the application portal experiencing dynamic changes.

Industry’s Ongoing Demand

The CMVIA refutes any claims suggesting waning interest in electric vehicles, underscoring the rapid exhaustion of available grants as proof of substantial demand. They highlight the importance of meeting Cyprus’s green transition targets, including putting 80,000 electric vehicles on roads by 2030.

While the total budget for subsidies saw an increase to €36.5 million in 2023, thanks to additional funding, ongoing difficulties in timely vehicle distribution have led to premature closures of applications. In response, CMVIA has called for urgent dialogue with the Minister of Transport to reassess the decision, fearing that it could endanger the future of e-mobility in Cyprus.