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taking it below the price quoted on the CSE for the first time in a year. BOC came under selling pressure with hedge funds rushing out of emerging markets like Russia, Turkey, Saudi Arabia and Greece, falling 9.94% from EUR 7.04 the previous Friday to 6.34 or CYP 3.64, with 4.78 mln shares traded.
While total exports in the 11 months of 2005 rose 23.7% to CYP 619.4 mln, compared to the year-earlier period, domestic exports fared badly, falling 0.52% to CYP 217.64 mln, despite a boom in international sales of halloumi, pharmaceuticals and furniture. The rise in re-exports came mainly from oil and machines, mostly stored in Limassol port.
Standard & Poor’s reaffirmed its ‘A’ long-term and ‘A-1’ shortterm sovereign credit ratings for Cyprus, with the outlook remaining ‘stable’ based on a prosperous and resilient economy. The agency warned that Cyprus’ brief track record on fiscal prudence, high public sector debt burden and potential external liquidity pressures place some constraints on the ratings.
Eastern Mediterranean Resources, that is exploring for copper in Cyprus, the Balkans and the Caucuses has placed 12 mln new shares of 0.25p each on the London alternative AIM market, with the aim of raising GBP 1.5 mln to be used as further working capital in all its license areas.