Cairo’s financial market dips lower
On Tuesday, November 28, the market continued to slide, following usual trading patterns in the early days of the Islamic holy month of Ramadan. Market activity dipped further compared to the previous day’s level. However, small and medium-cap stocks performed well, as Orascom for Projects &Tourism Development – OPTD (OPTD.CA) and SPINA-LEX (SPIN.CA) ended the session 4.99 percent and 4.1 percent higher at LE5.26 and LE6.10, respectively.
Large-cap Eastern Tobacco (EAST.CA) bucked the market trend to rise 4.77 percent to LE68.27 on news that the ministerial privatization committee was considering raising the stake it would offer to a strategic investor from 11 percent to 15 percent. Conversely, telecoms and other large-cap stocks led the market down, as Orascom Telecom – OT (ORTE.CA) lost 3.96 percent to close at LE61.34 while MobiNiL (EMOB.CA) fell 3.36 percent to LE79.76.
Construction heavyweight aic (AICR.CA) was off 3.17 percent to finish at LE4.27. Over-all, the PAMI shed 2.77 percent to 8,167.2 while the PIPO fell 1.09 percent to close at 1,697.2. ― (Prime Egypt)