Stocks erase early losses

Cyprus stocks reversed early losses on Monday and tracked European stocks higher as bargain buyers stepped in at the lows. Shares came under pressure after an unexpected decline in US nonfarm payrolls in August, which added to market expectations for a rate cut by the Fed.

Data on Friday showed U.S. payrolls shrank in August for the first time in four years, suggesting that a squeeze in credit markets fuelled by trouble in the risky U.S. subprime mortgage market has begun to hit the broader economy.

Bank of Cyprus shares were trading at EUR 11.72, down 0.06 percent but well above significant technical support at 11.55-11.62, which is seen as a solid base for the BOCY stock.

The CSE General Index was down 0.60% by 12.30 at 4790.93 points.