/ Market madness eclipses Disy split
THE ALL-TIME record in the number of transactions at the Cyprus Stock
Exchange on the return of the Bank of Cyprus share after its split
overshadowed the reports about a major rift in Disy.
"Explosion of transactions", "Boom at 117 million pounds" and "Stock
Exchange goes wild" were some of the headlines describing Monday trading
during which the volume of transactions reached £117.5 million and the
share index rose by 100 points.
_ said there was an "unprecedented pandemonium" on the Stock Exchange floor,
"with investors buying all kinds of shares regardless of price". Describing
the scene, it said: "Stockbrokers were running about while the security
guards were unable to control the people who had crowded into the stairs
and corridors of the stock exchange".
The banks were the stars of the show, particularly the Bank of Cyprus,
whose share had almost reached the level before its split. Before the split,
the BoC share was valued at £12.30, while on Monday it reached £10.90.
_ reported that not even the computer system at the Stock Exchange could
take the big volume of transactions and froze for 12 minutes. However, the
78 minutes of trading still entered the record books as the share index
rose by an unprecedented 26 per cent. The banking sector share-index closed
at 706.88, recording a rise of 37 per cent.
_ insisted that there was still a crisis at Disy, after the "beheading" of
deputy Prodromos Prodromou by party leader Nicos Anastassiades. The
mediation roles undertaken by two Disy deputies had failed. Meanwhile the
government was annoyed about the way the Disy leadership had been
interfering in its work.
What really shocked Disy members was Prodromou's denial of claims made by
Anastassiades. Prodromou had denied ever being called by Anastassiades to
be informed of his expulsion from the party's political bureau. He said he
heard about this from the radio while his leader insisted that he had
called the deputy. Prodromou also denied he was responsible for leaking
information that had been discussed at the Disy political bureau because
the leaks had become a problem before he had ever participated in a
_ reported that Prodromou, angered by the allegations levelled against him
by his party leader, had asked for a meeting with President Clerides. In
doing this, he was telling his party leadership that he was not intimidated
by its threats and bullying. The deputy also criticised Anastassiades
"authoritarian mentality and cowboy logic".
Anastassiades avoided making any public statements about the row on Monday,
allowing other deputies and party officials to defend his actions. The
general manager of the party Mr Liveras said the party leader had every
right to expel a member of the political bureau.
_ revealed the behind-the-scenes dealing which had led to the removal of
Christos Solomis from the Ministry of Health last week. It claimed that
United Democrats leader George Vassiliou had tried to get his wife
Androulla appointed Minister of Communications but someone had already been
appointed to that post.
Vassiliou then tried to secure the Health Ministry for his wife, claiming
that the United Democrats could not participate in a cabinet that included
a former coupist like Solomis. Clerides agreed to replace Solomis but would
not appoint Mrs Vassiliou. The United Democrats therefore proposed the
appointment of Frixos Savvides, which Clerides approved.
_ claimed that the Oslo agreement between Israel and the Palestinians would
be adopted in the case of Cyprus. In the agreement, Israel had recognised
the autonomous Palestinian areas in the West Bank and Gaza Strip.
© Copyright Cyprus Mail 1999