BOC hits EUR 7.4 in Greece

Bank of Cyprus shares rallied sharply higher on Tuesday in Greece to a fresh record close of EUR 7.40 or CYP 4.26 on heavy buying interest by foreign funds, which lifted total volume on the shares to 1.9 mln for a value of EUR 13.9 mln or CYP 8 mln.

The 2.5% surge far outstripped the moderate gains of 0.05% for the ASE General which closed at 4190.82 and the Cyprus GENX, which moved 0.41% higher to a fresh record close of 2597.08 points on total volume of CYP 4.98 mln on Tuesday.

In Cyprus, the BOC shares lagged the pace of advance in Greece, gaining by 0.74% on Tuesday to CYP 4.07 on CYP 1.2 mln volume. A chart analysis by the Financial Mirror shows that a break of the previous high of 4.09 and thereafter 4.12 will open the way for an assault on the next objective of CYP 4.50 per share.

Hellenic Bank shares were the second most active on the CSE on Tuesday, hitting a fresh record high of CYP 1.07 for a 0.94% daily gain on total volume of CYP 1.14 mln. The charts indicate that a break above 1.10 will open the way for a move on 1.16. Support is seen at 1.02.

Laiki Bank shares were the third most active, bucking the positive trend on BOC and HB, sliding 0.76% at CYP 2.61 on total volume of CYP 769k. The CPB title remains stuck in a broad-based consolidation range with the near term top seen at 2.65 level while on the downside, there is considerable support at 2.55 and 2.52, the recent lows.

FWW and CTC were the next most active titles on Tuesday, with FWW down 2.2% at 39.3c and CTC up 0.25% at 40.5c.