BOC rights exit at 16.3c

Bank of Cyprus rights (BCRI) ended their last trading day on the CSE on Monday at 16.3 cent, down 6.32% on the day as trading on the CSE was hampered due to technical problems, which forced the Exchange to extend the closing time by two hours.

The CSE was forced to issue successive interruptions on Monday, citing technical problems, eventually ending trading at 15.00hours instead of the usual 13.00hours closing time.

The BOC rights, which on Friday had rallied 16.78% to 17.4 cent on heavy foreign fund purchases originating from Greece edged lower on Monday to end the day down at 16.3 cent, but still two notches above their 16.1 cent debut price and well above their middle average price of 15.15 cent.

During their two week stay on the CSE, the BOC rights traded in a range of 17.4 cent on the upside and 12.9 cent on the downside for a middle average price of 15.15 cent, for a conversion price of CYP 2.31. Based on their last closing price of 16.3 cent however, the conversion price amounts to CYP 2.38 per BOC shares.

Once again, activity on the rights was brisk with 11.8 mln rights changing hands for a value of CYP 1.8 mln, which was half of the total volume of CYP 3.7 mln transacted on the CSE on Monday.

The BOC shares meanwhile closed Monday at CYP 2.41, down 2.82% on the day on 708.000 shares volume for a value of CYP 1.7 mln. Laiki Bank shares ended 1.75% at a new closing high of CYP 1.74 on CYP 85.000 volume while Hellenic Bank followed BOC lower by 1.8% at 53 cent.

The GENX ended Monday 1.25% lower at 101.52 while the Main/Parallel index ended 1.58% lower at 1574.82 points.