BOC hits CYP 5 on ATHEX

Bank of Cyprus share powered ahead to a record new close of EUR 8.70 or CYP 5.02 on the Athens Stock Exchange on Wednesday, on the same day that the CSE announced that the official launch of the common trading platform with ATHEX will be on October 30.

The rally on BOC shares however, had nothing to do with the trading platform but follows the inclusion of the stock in the ATHEX/FTSE 20 index, according to which all Greek funds that track the index need to purchase and include the BOC in their portfolios. The news that the management of Piraeus Bank will wait for the BOC Board to undergo a reshuffle before deciding its next course of action on its significant holding amounting to 8.2% of BOC’s capital, which will be in the first quarter of 2007 or even by May when the AGM of BOC will be held added to the bullish wave.

BOC shares also bucked the declining trend on the ATHEX, which was down 0.08% at 3999 while the ATHEX/FTSE 20 was slightly up 0.22% at 2189, by rallying to a record new high of EUR 8.70 for a daily gain of 3.57%.

In Cyprus, BOC shares also recorded a new record high of CYP 4.87, closing up 2.74% on volume of CYP 3.42 mln and were the most active. Laiki Bank followed next, closing 1.54% higher at a new record high of CYP 3.30, with Hellenic Bank following next, closing 0.63% higher at CYP 1.60, also a six-year high.

The CSE GENX was up 2.16% at a new record close of 3179.21 on total volume of CYP 11.1 mln.