Cyprus bourse rises 2.6 percent in midweek trading

Published May 31st, 2001 - 02:00 GMT

The Cyprus stock exchanged gained 2.6 percent on Wednesday, May 30, with the benchmark index closing 4.88 points higher at 190.35 points. The day’s trading volume reached 12.4 million pounds ($18.4 million) in a total of 7918 deals.  


The gain was largely attributed to rising banking shares and Globalsoft’s share buyback announcement. Globalsoft announced earlier on Wednesday that it would seek shareholders' approval to buy back approximately 10 percent of its shares over a two-year period. 


The banking sector’s index rose 2.25 percent as a result of the gains of three banks, namely, Bank of Cyprus, Cyprus Popular Bank, and Hellenic—the smallest of the three—which rose 2.8 percent closing at 1.11 pounds. Brokers expressed increased investors confidence in banking shares as opposed to the recent volatility depicting the other sectors.  


The blue-chip FTSE/CySE index—comprised of 20 top stocks—rose 18.66 points ending the day at 767.21 points. Information technology was the day’s leading sector having gained 4.64 percent on the rise of Globalsoft shares and those of Avacom Computer and affiliate Avacom Net. 


Wednesday’s trading ended with 118 stocks closing higher, 33 dropping and 36 remaining unchanged. —(MENA Report) 


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