CSE boosted by BOC strength

The CSE GENX closed at a fresh record of 2379.57 points, pulled higher by another strong performance by Bank of Cyprus, which continued to advance in Cyprus after foreign investors bid the Bank’s share price to a fresh record on the ASE.

Traders in Greece, pushed the BOC shares to a record close of EUR 6.84 or CYP 3.92, up 2% on the day on heavy volume of 2.18 mln shares for a value of EUR 14.7 mln or CYP 8.48 mln. During the Friday session, the price of BOC at one point in time hit a high of EUR 6.90 or CYP 3.96, but then corrected lower.

Still, this left the gap between the traded price of BOC shares in Greece and Cyprus at 20 cent, leaving ample arbitrage opportunities in the market.

In Cyprus, the BOC closed 0.27% firmer at CYP 3.73 on CYP 2.15 mln volume, which was just above half the CYP 4.06 mln total volume transacted on the CSE Friday.

Laiki Bank shares were the second most active on CYP 567k volume, but ended unchanged at CYP 2.63. Hellenic Bank shares followed next on CYP 320k volume, closing 1.16% firmer at 87 cent.

Louis Public Co. was the fourth most active stock, ending 0.36% lower 27.9 cent on CYP 175k volume. Next was CLR Investment Fund, up 7% at 5.6 cent.