BOC recovers from sell-off

Bank of Cyprus shares staged a well anticipated rebound on the CSE on Thursday after the sell-off of Wednesday spread panic in the market as equity prices were knocked 10% lower.

BOC shares closed 9.3% higher on the CSE at CYP 3.75 on CYP 3.62 mln volume recovering most of the Wednesday losses following the rebound in Greece, where the Bank’s shares closed Thursday up 0.61% at EUR 6.58 or CYP 3.78 on EUR 14.1 mln or CYP 8.2 mln volume.

The BOC rebound helped lift the CSE GENX back up, with the index closing 7.61% higher at 2401.41 on total volume of CYP 8.35 mln on 3604 trades. During the Thursday price action, 70 titles closed higher, 25 lower, 19 unchanged while on 46 there were no trades.

Laiki Bank was the second most active, closing 5.95% higher at CYP 2.67 on CYP 1.78 mln volume, followed by Hellenic Bank, up 4.6% at 91 cent on CYP 680.000 volume.

SFS, the fourth most active, closed 6.8% higher at 11 cent on CYP 377k volume followed by Louis Public Co., up 3.41% at 27.3 cent on CYP 199k volume.