Nicosia: The Cyprus Stock Exchange (CSE) experienced a substantial increase in trading activity in 2024, with daily trading soaring by 271% compared to the previous year. This remarkable growth is attributed to heightened investor interest and improved performance among listed companies, as noted by Marinos Christodoulides, Chairman of the CSE Council.
According to Cyprus News Agency, Christodoulides reported in a written statement that the CSE General Price Index rose by 57.29% by December 27, 2024, compared to 2023. The daily trading activity reached £1.38 million, a significant jump from £0.37 million in 2023. Furthermore, the market capitalization of the CSE increased by 135%, reaching £23.3 billion, up from £9.9 billion. Foreign investors’ participation in the market capitalization of listed companies also saw a rise, accounting for 49% of the total, compared to 39.3% in the previous year. Similarly, the participation of Remote Members, or brokerage companies, in daily trading activity rose to 23.46% in 2024, up from 9.6% in 2023.
Christodoulides attributed the improved performance primarily to the increased interest in the market and the enhanced profitability of several listed companies, particularly in the banking sector. Factors such as the distribution of dividends to shareholders and positive future prospects contributed to this growth. The returns highlight the significant improvement in economic performance and the positive outlook for key local companies and the broader Cyprus economy, as affirmed by recent positive ratings from international rating agencies.
The Chairman emphasized the potential for several prominent companies in Cyprus, spanning various sectors such as construction, infrastructure, education, healthcare, shipping, tourism, and technology, to prioritize the Stock Exchange in their strategic planning.