Market in search of a boost

THE STOCKMARKET emerged 0.7 per cent weaker yesterday on generally flat-footed trading, which chipped away points from most sectors.

The bourse lacked sparkle as it limply moved in a thin range of 10 points, settling at 492.09 and on traded value of £33.4 million pounds.

Marginal gains at the beginning of the session could not be sustained.

Banking shares absorbed 20 per cent of total trading volume, followed closely by industrial stocks with a 19.5 per cent share.

Insurance shares led losses with a 1.8 per cent drop as all three companies in the category headed south.

Declines were not significant netwise, but the relatively small capitalisation of the sector gives a higher impact in percentage terms.

Banking shares underperformed the broad downtrend with a 0.5 per cent drop, pulled down by further weakness on Bank of Cyprus and Laiki.

Laiki were down 13 cents to £11.95 on 228,000 shares changing hands worth £2.7 million, while Bank of Cyprus lost two cents to a close of £7.78 and on a turnover valued at £2.6 million.

"The market needs something to give it a direction, a catalyst to get it unstuck from its present range of 490-510 points," said Yiannos Christodoulides of Parma Brokerage.

In the net gainers category medium chip shares, Astarti Development climbed 43 cents to £5.45 on three block trades, while Agros Proodos followed with a 22 cent jump to £5.25.

CAC Papantoniou Supermarkets, which floated on the market yesterday, opened at £1.50 and briefly lurched to a high of £1.55 before retreating on selling to a close of £1.41.

Of 108 shares traded, 63 retreated, 35 rose and eight were unchanged. There were 11,189 transactions.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.