Cyprus shares rebound from extreme lows

Cyprus equity prices staged a rebound from extreme lows recorded earlier on Tuesday on the back of a global recovery in markets and as bargain hunters stepped in to buy shares.

Bank of Cyprus shares staged a sharp recovery from session lows of EUR 11.60 to end Tuesday session at EUR 12.08 on 325.000 shares volume for a daily gain of 2.37%. The recovery came just above critical support on the BOCY shares, which according to Financial Mirror charts is seen at EUR 11.56 level.

Marfin Popular Bank shares ended 1.04% lower on the day at EUR 9.50, but were well off an intra-day low of EUR 9.20 on 448.000 shares volume. The Financial Mirror charts show that the 200-day moving average of MPB being at EUR 9.05 was instrumental in providing support.

Hellenic Bank shares closed Tuesday session up 3.29% at EUR 5.02, more than offsetting a nose-dive earlier in the session to EUR 4.62, which was a notch below the major support lines of EUR 4.68 according to the Financial Mirror charts.

A strong recovery in European markets and buying by funds was instrumental in pulling shares higher. Traders however added that the next direction in local equities was bound to come from the mood in overseas markets, which continues to be bleak as investors remain on the sidelines amid lingering concerns about the US economy.