Bank of Cyprus, Marfin lead CSE rally

Bank of Cyprus shares leapt another 11% for the week to a fresh all-time high for the year on Tuesday, taking the gains since the start of the year to 67% and about triple from the all-time low of 1.55 hit in early March.
Bank of Cyprus shares ended Tuesday at EUR 4.49, a new record for the year with the gains since this year’s starting price of EUR 2.69 amounting to 67%, while compared to the all-time low of EUR 1.55, the gains amount to a whopping 190%. In Greece, the bank’s shares ended at EUR 4.52, also a new high.
Bank of Cyprus shares are now trading at their 200-day moving average according to Financial Mirror charts and a sustained break above 4.60 – the previous high since November 2008 – will pave the way for an assault on the next formal resistance level of 4.90.
The CSE General Index closed at 1584.17, a new high for the year, taking the year-to-date gains to 44%.
The shares of Marfin Popular Bank also powered sharply ahead, ending Tuesday trading at EUR 2.51, taking the year-to-date gains to 30%. The 200-day moving average on MPB is at EUR 2.60, according to Financial Mirror charts.
Hellenic Bank, meanwhile, ended at a fresh high of EUR 1.22 taking the year-to-date gains to 17%.
All three major Cyprus banks are reporting their first quarter results next week, which is expected to show a decline in profits compared to the first quarter a year ago while in the case of HB, the bank has warned of losses for the quarter.