Local funds turn to net sellers in March

…only 9.400 hold more than 10 titles

Local fund managers remained sceptical of the CSE advance as evidenced by their net short position during March, at a time when both foreign institutional and domestic private individuals continued to increase their purchases.

Local fund managers sold CYP 35.17 mln of the sell transactions or 35.08% of the total in contrast to CYP 29.18 mln purchases or 29.72% of the total.

In sharp contrast, domestic private investors increased their purchases to CYP 64.62 mln or 64% of the total buys compared to CYP 62.02 mln total sells.

Foreign institutional investors purchased a total of CYP 1.21 mln of local stocks and sold a total of CYP 489.000 while private foreign investors purchased CYP 4.65 mln and sold CYP 2.65 mln on the CSE in March according to CSE official data.

The total of purchases in March amounted to CYP 100.28 mln.

The CSE records show that in March 2006, there were a total of 6855 active accounts, of whom 455 were local institutionals and 17 foreign institutional while the rest were 6265 domestic private investors and 118 foreign private investors.

Funds control 45% of CSE

Local institutional investors numbering 7167 hold CYP 2.01 bln of the total CYP 4.74 bln market cap of the CSE or 42%, while foreign institutional investors numbering 215 hold another CYP 188 mln worth of market cap for another 4% share.

Domestic private investors, numbering 257.016 who make up 94% of the total 274.000 number of accounts hold CYP 1.84 bln of market cap or 39% of the total while foreign private investors, numbering 9572 persons hold CYP 701 mln of market cap.

Everybody has Demetra

The CSE data show that 165.226 or 60% of the depository account holders own only one stock, which is basically those holding the title of Demetra Investments.

The title of Bank of Cyprus probably features prominently in the holdings of 2-5 titles for 80.554 depository account holders while 20.223 or 7% of the total hold 6-10 titles and only 9.400 or 3% of the total 275.000 depository account holders own more than 10 titles.