Cyprus shares fall one pct as Globalsoft sinks

Published May 20th, 2001 - 02:00 GMT

NICOSIA, (Reuters) - Cyprus shares fell 1.02 percent on Friday, May 19, pulled down by a tumble in technology heavyweight Globalsoft on concerns surrounding a Nasdaq-listed affiliate. 

 

The all-share index <.CYPR> ended 2 points down at 194.48. The FTSE/CySE index of 20 top stocks <.CYFT> fell 9.01 points to 786.26 on transactions worth 12.6 million pounds ($19.14 million). 

 

Globalsoft, the market's third-largest company, dropped 24 cents to a close of 2.83 on a turnover of 1.07 million shares, pulling the information technology sector 6.26 percent lower. 

 

Brokers said the stock was affected by AremisSoft , a software developer which saw its shares dive sharply on Nasdaq this week on concern the value of a $37.4 million contract it had with the Bulgarian National Health Insurance Fund contract was much lower. 

 

AremisSoft on Thursday reiterated the value of the contract and said published reports had misunderstood the nature of the deal. 

 

AremisSoft has 7.1 percent in Globalsoft and recently announced its intention to raise its stake to 25 percent.  

 

Banking stocks slipped 0.6 percent, with Bank of Cyprus slipping a cent to 2.57 and Laiki down two to 2.16.  

 

Declining issues outpaced advancing ones 93 to 68 with 25 unchanged on 186 traded. There were 6,076 deals.  

 

 

© 2001 Mena Report (www.menareport.com)

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