Cairo’s exchange slightly rises amid expected Fed interest rate cut
On Monday, March 19, the market recovered slightly ahead of an expected Fed interest rate cut and upcoming domestic cement sector sales. Torah Cement (TORA.CA) jumped 4.88 percent to LE30.31 while Suez Cement (SUCE.CA) soared 3.96 percent to LE36.23. Helwan Cement (HELW.CA), however, eked out a minor 0.45 percent gain to close at LE42.04.
Telecoms staged a comeback, as MobiNiL (EMOB.CA) climbed 1.53 percent to LE60.50 and Orascom Telecom –OT (ORTE. CA) bounced back 2.99 percent to finish at LE29.32.
Other blue-chip shares moved into positive territory. Commercial International Bank –CIB (COMI.CA) was up 0.15 percent to LE33.55. Orascom Construction Industries –OCI (OCIC.CA) surged 3.89 percent to LE32.59. Overall, the PAMI rose 0.94 percent to 6,451.5 while the PIPO was down 0.16 percent to 1,639.7.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)