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Successive new records for CSE

01/11/2002 12:17
6 ½ month high for the CSE Index
7-month high for the trading volume
12-cent rise for BOC closed at CYP 1,51


The CSE general index enjoyed once again a new day of gains, closing at 106.1 points gaining another 4.9% in the first trading session of November. These successive rises since October 10, as well as investors’ return to the trading floor have resulted to a total increase of the CSE index of 34%.

Despite the climate of euphoria on the trading floor, politicians seem to be fairly cautious. Specifically, the MP of DIKO, Markos Kyprianou ‘sounds the alarm’ and urges investors to be less enthusiastic and excessive. Similarly, the MP of DISY, Prodromos Prodromou, stated to SW that “investors must be cautious”. This does not mean, however, that investors must be prevented from investing in the CSE. They have to be careful and self-controlled.

FTSE20 – mostly influenced by the banking sector that surged 6.2% - recorded remarkable gains of 6.5% reaching 407.3 points.

The trading volume was particularly heavy and totaled the magnificent CYP 4.9 million, last seen on March 29, 2002. Banks were the volume leaders of the day, absorbing 40 per cent (CYP 2.27 million) of the total trading volume. Specifically, the Bank of Cyprus with 22.5 per cent (!) of the turnover, reported 8.6 per cent or 12 cents jump to CYP 1.51 (3 ½-month high), while the Hellenic Bank with 8.9 per cent of the total volume closed 4.9 per cent or 4 cents higher at CYP 86 cents.

The Bank of Cyprus warrants with 7.9 per cent of the total trading volume soared 22.5 per cent to 44.6 cents adding the remarkable 254 per cent to its value since October 10.

The other heavily traded stocks of the day were the Popular Bank (6.7 per cent of the turnover) that rose 3.2 per cent to CYP 1.28 and Louis (5.3 per cent of the turnover) that added 3.2 per cent to 19.1 cents.

The financial sector has been a good performer today with gains of 7.4 per cent. Particularly, Prochoice scrambled up 31 per cent to 13.1 cents, Sharelink with 1.2 per cent of the total volume ended up 21.7 per cent higher to 12.9 cents, SAFS climbed 17.6 per cent to 10.7 cents, while Marketrends put on 14.6 per cent to close at 5.5 cents.

The other companies that experienced significant gains of over 10 per cent were Minerva (0.9 per cent of the turnover), CLR Inv. (5.1 per cent), Aristo Dev. (2.5 per cent), D.H Cyprotels (1.5 per cent) and Global (0.5 per cent) that went up 16.4 per cent, 15.4 per cent, 14.8 per cent, 14.1 per cent and 10.2 per cent to 12.1 cents, 12 cents, 38.9 cents, 10,5 cents and 10.8 cents respectively.

Demetra Investments with 2.4 per cent of the total trading volume gained 5 per cent closing at 33.6 cents, while Avacom Computer with 1.9 per cent of the turnover surged 8.3 per cent to 5.2 cents.

Overall, 97 securities went up, 29 fell and 20 remained unchanged.