BOC approaches key support

Bank of Cyprus shares dived Friday another 3.21% in Greece to EUR 6.64 or CYP 3.81 while in Cyprus the shares were marked 2% lower to CYP 3.84, a strong chart support line, below which the pressure is likely to increase for a move to 3.71, the previous low.

The absence of Piraeus Bank from purchasing shares from the ASE and the CSE forced more and more speculators to cut short their positions and head for the exit, while the majority of investors remained on the sidelines ahead of the approach of the release of the first half results on July 27 and the EGM on July 28.

On the CSE, the BOC shares were the second most active behind Laiki shares, which closed 1.18% lower at CYP 2.52, while Hellenic Bank shares were 1.75% lower at CYP 1.12 per share. The crisis in the Middle East forced Louis Pcl shares lower by 4% to 21.1 cent. The CSE GENX ended 1.75% lower at 2477.75 points on total volume of CYP 4.4 mln.