BOC shares on ASE dip below CSE

The Bank of Cyprus shares trading on the ASE fell below their respective close on the CSE, indicating that there is certain to be down pressure on the BOC and the CSE in general when trading starts on Wednesday.

BOC shares closed 2.43% lower on Sophocleous at EUR 6.42 or CYP 3.69 on 961.000 shares volume for a value of EUR 6.29 mln or CYP 3.62 mln, far outstripping the 0.2% losses of the ASE General index on Tuesday.

In contrast, the BOC shares closed 0.27% higher on Tuesday on the CSE at CYP 3.72, a premium of 3 cents over prices in Greece, which usually heralds a down squeeze on the CSE if prices in Greece do not rebound soon. Volume on the CSE for the BOC shares, which were the most active amounted to CYP 1.13 mln.

The moderate rebound in BOC shares was instrumental in pulling the CSE higher, with the index closing Tuesday trading up 0.17% at 2385.86 points on CYP 2.48 mln total volume.

Laiki Bank shares were the second most active, ending 0.38% higher at CYP 2.67 on CYP 495k volume, followed by Hellenic Bank, down 1.1% at 90 cent on CYP 194k volume. CTC was the fourth most active, closing 4.69% lower at 36.6 cent after announcing that it will offer Ermes shares to FWW shareholders at 24 cent while SFS Group Public ended unchanged at 11 cent on CYP 80k volume.