BOC hits fresh record high

Bank of Cyprus shares trading on the ASE finally made a clear break above EUR 3.34 resistance, touching an intra-day high of EUR 3.44 or CYP 2.00 on high volume, which helped pull the CSE sharply higher.

While the shares then eased back to EUR 3.38 by 13.30hrs, the breakout on Sophocleous was enough to propel the Bank’s shares sharply higher on the CSE, which in turn helped the market close broadly up. By mid-day trading, BOC shares trading in Greece were up 1.81% on 765.000 shares volume.

BOC closed 2.11% higher on the CSE at CYP 1.94, a new fresh record high for the year on 313.000 shares volume, while Laiki Bank (CPB), gained 1.47% to CYP 1.38, also a fresh record.

Hellenic Bank (HB), scored the best gains among the banks, up 2.89% at 42.7 cent, following the resignation of Deputy Chairman Constantinos Loizides and on expectations that the resignation will lead to a broad reorganisation of the Bank.

The CSE GENX closed 1.51% higher at 89.45 points, the CSE Main/Parallel index ended 1.73% firmer at 1260.98 points while the FTSE/CySE 20 large cap index ended 1.75% firmer at 423.17 points. Total volume amounted to CYP 1.52 mln on 1702 trades, according to AGFN, the CSE data provider, with 46 titles closing higher, 94 unchanged while 36 closed lower.

Among other large cap stocks, SFS closed 3.7% higher at 8.4 cent, Louis Public Co. (LUI) was up 3.29% at 22 cent and Orphanides (ORF) was up 5% at 23.1 cent.