Cyprus equities dive 4% lower

Cyprus equity prices came under heavy selling pressure on Wednesday, declining by 4% as a wave of sell orders wiped out Tuesday’s moderate rebound. Cyprus equities were mostly tracking European and US markets lower.

The CSE Main/Parallel index closed 4.06% lower Wednesday at 4655.19 points on EUR 14 mln volume. Marfin Popular Bank was the most active on EUR 4.09 mln volume, nose-diving 4% to EUR 9.12, while in Greece, the share price closed at EUR 9.20.

Hellenic Bank was the second most active, losing 4.3% to EUR 4.80 on EUR 3.55 mln volume, rebounding from its initial dip to EUR 4.60, which is seen as a strong support level according to Financial Mirror charts.

Bank of Cyprus shares ended 3.97% lower at EUR 11.60 on EUR 2.8 mln volume, just a notch above the 11.56 support as shown on the Financial Mirror charts. The Bank of Cyprus shares however, closed at EUR 11.50 in Greece, suggesting a difficult start for Thursday trading, unless Wall St makes a turnaround late Wednesday and Far East moves higher on Thursday.

Other active stocks included SFS Group, down 7.4% at EUR 1.63 and Cyprus Trading Corp. (CTC), down 9.09% at EUR 2.00.