BOC price on ASE below CSE

The price of Bank of Cyprus shares trading on the Athens Stock Exchange tumbled 2.94% on Monday to end at EUR 4.62 or CYP 2.65, which was six cents below the close of CYP 2.71 on the CSE, despite a positive investment report by UBS.

Total volume amounted to 1.7 mln shares for a value of EUR 8.22 mln or CYP 4.72 mln, which was 1.5 times the total volume transacted on the CSE Monday.

The Monday close where the price in Greece is below the close in Cyprus is the first such close in more than three months of brisk trading, where the continued premium of the BOC shares on Sophocleous has been instrumental in driving the Bank’s shares up by 70% since the start of the year.

In Cyprus, the BOC shares ended 0.37% lower at CYP 2.71 on CYP 2.17 mln volume, which dragged the overall index lower. Laiki Bank ended 1.13% lower at CYP 1.75 on CYP 413k volume, while Hellenic Bank was down 1.72% at 57 cent on CYP 201k volume.

The Monday close at 2.71 confirms the view that BOC needs more consolidation at current levels before it can find the strength to mount a challenge on the chart res. point of CYP 2.75, which is the high prevailing and holding intact since April ‘01. A conclusive break above 2.75 is seen propelling the shares to the next objective of CYP 2.89, then the January 2001 high of CYP 3.37.

The CSE GENX closed 0.69% lower at 106.23 while the CSE Main/Parallel index ended down 0.68% at 1633.82 points. Total volume on the CSE amounted to CYP 3.09 mln on 1333 trades, with 7 titles closing higher, 51 lower while 126 were unchanged or did not see any trades, according to AGFN, the CSE data provider.