CSE to gain more on Monday

A sharp rally in banking share titles helped pull the Cyprus Stock Exchange General Index to a five-year record close, while a new record close on the BOC shares in Greece is sure to give the market more ammunition to continue higher on Monday.

The CSE GENX closed 2.78% higher at 2217.52 points on total volume of CYP 3.02 mln. Bank of Cyprus (BOC) closed at a fresh record high of CYP 3.39 on CYP 846k volume, followed by Laiki Bank (CPB) which roared to a new high of CYP 2.60 on CYP 828k volume. Hellenic Bank followed its peers higher ending at 83 cent.

The fact that BOC shares in Greece ended at a fresh closing high of EUR 6.10 or CYP 3.50 on heavy volume of 1.9 mln shares for a value of EUR 11.68 mln or CYP 6.7 mln gives a good indication that more gains are in store for the CSE when trading starts on Monday.

BOC is seen gaining to where Athens closed subject to no major negative development occurring on the ASE, while Laiki shares are seen galloping up towards the major chart objective of CYP 3.01. Hellenic Bank shares are meanwhile seen heading towards heavy resistance at 86/87 cents.