BOC ends lower in Greece

…as the stock continues higher on CSE

Bank of Cyprus shares fell 0.02% in Greece on Wednesday at EUR 3.70 or CYP 2.12 in line with a moderate decline in Greek stocks and for the first time in a month is trading at a lower level than the CSE price, which on Wednesday hit a fresh 4-year high of CYP 2.13.

“It’s profit taking,” is how one experienced trader described the mood in Greece, which is bound to spill over on the CSE when trading opens on Thursday.

The BOC shares hit an intra-day high of EUR 3.78 but then fell to the day’s low of EUR 3.70 on 435.800 shares or EUR 1.6 mln volume. In Cyprus, the reverse occured as the BOC shares continued trading higher and closed at a new record of CYP 2.13 on 137.189 shares volume. In intra-day trading, the Bank’s shares could not manage to break through CYP 2.14 and in view of the fact that on Tuesday, the 2.15 level was tested and held, gives rise to the expectation that the 2.15 level may well be the near-term top.

In other trading, Laiki Bank was stable at CYP 1.45 while HB was also stable at 48.5 cent. The GENX however, racked up another solid performance, eding 0.2% higher to close at 92.16 points. The FTSE/CySE 20 was up at a fresh record of 456.05, while the CSE Main/Parallel index was up 0.52% at 1351.59 points. Total volume amounted to CYP 851.873.