BOC breaks above CYP 4.5 in Greece

Bank of Cyprus shares broke through the psychological barrier of CYP 4.5 for the first time in six years in Greece, while in Cyprus, the shares also touched a fresh record high on Tuesday.

Major funds continued to snap BOC shares trading on Sophocleous, pushing the stock up by 1.8% to levels not seen in six years at EUR 7.86 or CYP 4.52 on 1.12 mln shares volume for a value of EUR 8.8 mln or CYP 5 mln.

BOC shares trading on the CSE also rallied higher, closing Tuesday up 3% at CYP 4.42 on total volume of CYP 2.4 mln, which was half of the total CSE volume of CYP 4.75 mln.

The 2.2% or 10 cent gap between the traded price of BOC on the ASE and the CSE indicates more gains are in store for the shares on Wednesday when trading resumes on the CSE as they approach the first formidable chart resistance level of CYP 4.51 according to Financial Mirror calculations.

In the event of a clear break above 4.51, the next chart objective is 4.59, then 4.64 level. Support, according to the Financial Mirror charts is seen at CYP 4.35, then 4.19.

The CSE GENX closed Tuesday at 2748.71 for a daily gain of 2.21%. Other active stocks on Tuesday included Laiki steady at CYP 2.62, Hellenic at CYP 1.08, SFS 0.116 and LUI at 0.259.