Cyprus Stocks Hit New High On Cruise Buy

The Cyprus Stock Exchange extended its gains Nov. 2 with a 3.4 percent climb to a new all-time record, spurred by renewed demand for tourism stocks. Disclosures that Louis Cruise Lines were mulling a share split pushed tourism stocks up 7.5 percent as investors clamored to buy shares. "Demand in the stock went through the roof," said one trader of a 6.3 million share volume in Louis, whose directors meet on Nov. 10. A possible split, rights issue and a new share issue to finance a recent acquisition of Greek-controlled Royal Olympic Cruise Lines will be on the agenda. The all-share index closed 21.87 points, or 3.46 percent higher at 654.70 on a turnover of $87.1 million. Banking stocks rose 1.31 percent to 773.20 points. Brokers have reported more liquidity flowing into the market, mainly from small investors after the bourse ended two weeks of controversial limits on transactions.