Cairo’s exchange continues on a downward note
On Sunday, February 11, the market continued to drift lower in spite of hyper-inflated volumes. The major event of the session was the execution of the Chipsy for Food Industries (CFIN.CA) transaction, in which a whopping 27.54 million shares were snapped up by Chipsy International at LE15.14/share, effectively making the company private.
Elsewhere, Orascom Hotel Holdings – OHH (ORHC.CA) ended down, falling 4.77 percent to LE7.58 despite its upcoming acquisition of sister company Orascom for Projects & Touristic Development – OPTD (OPTD.CA). Conversely, OPTD continued to rise, jumping another 3.34 percent to LE10.83.
Cement shares remained in focus, but ended the session generally lower. Suez Cement (SUCE. CA) continued to fall, dipping 2.77 percent to LE36.13. Sinai Cement (SCEM.CA) closed down 4.18 percent at LE17.19. Telecoms MobiNiL (EMOB.CA) dropped 1.83 percent to LE72.78 while Orascom Telecom –OT (ORTE. CA) lost 2.07 percent to LE42.52.
Overall, the PAMI slipped 1.97 percent to 7,584.9 while the PIPO was down 0.99 percent to 1,786.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)