…CSE to recoup its losses
A spectacular rally in Bank of Cyprus share prices trading in Greece on Wednesday sent a sigh of relief to panic-stricken investors in Cyprus as they watched in horror the local exchange lose 10% of its value in one single day.
After Tuesday’s bloodbath in Greece, when the BOC shares lost 10% of their value to close at EUR 6.34, the BOC shares initially nose-dived another 6% to hit a session low of EUR 6 or CYP 3.45 in mid-day Athens trading which pulled the BOC shares trading on the CSE to go into a free-fall, shedding 10.68% of their value on Wednesday to close at CYP 3.43.
Bargain hunters however, stepped in Greece towards the close, mopping up BOC shares and in the process driving the shares sharply higher. By the close on Sophocleous, BOC shares were up at EUR 6.52 or CYP 3.75, ending the day up 2.5% and from the session low of EUR 6.00, the shares rallied 8.3%. Total volume in Greece on the BOC shares amounted to 4.17 mln shares for a value of EUR 26 mln or CYP 14.94 mln.
The fact that the BOC shares touched and held a major chart objective support of CYP 3.45, as mentioned in the Financial Mirror technical analysis of Tuesday confirms that the 2-day shake was a healthy correction and once the BOC shares manage to reclaim the CYP 3.85/3.94 levels, then the trend will turn to positive again.
When trading resumes on Thursday, a strong rebound in BOC prices and generally other equity prices is expected on the back of the strong rebound witnessed in Greece.
BLOODBATH IN CYPRUS
Over in Cyprus, it was one of the worst trading days ever witnessed on the CSE as share prices opened 7% lower, only to continue to end generally 10% lower.
The CSE GENX was pulled lower by the bloodbath on the banking shares, ending 10.32% lower at 2231.50 points, on heavy volume of CYP 10.8 mln.
BOC was the most active on the CSE on CYP 4.03 mln volume, ending 10.68% lower at CYP 3.43. Laiki Bank was marked 11.58% lower at CYP 2.52 on CYP 2.61 mln volume, followed by Hellenic Bank, down 10.3% at 87 cent on CYP 1.09 mln shares volume.
SFS followed next, down 13.5% at 10.3 cent on CYP 588k volume, while LUI was the fifth most active, down 9% at 26.4 cent on CYP 382k volume.
