Cairo’s stock market: A weekly review
United Bank of Egypt (DKBA. CA) and Egyptian American Bank –EAB (EABK.CA) were among the top 5 losers ending the week of December15th, dropping 4.96 percent and 4.90 percent respectively, to close at LE10.34 and LE31.62. EAB released 9-month FY2000 results on Wednesday, showing a 34.5 percent decline in net income.
Al-Watany Bank of Egypt (WATA.CA) was able to arrest that trend, inching up 0.44 percent to LE18.06. Telecoms contributed to the market downturn, as local GSM provider MobiNiL (EMOB.CA) and Orascom Telecom –OT (ORTE.CA) ended 2.22 percent and 0.52 percent lower at LE81.81 and LE59.58, respectively.
In contrast, Chipsy for Food Industries (CFIN.CA) continued to trade nearly limit up for the fourth day in a row following news last week that the company is involved in M&A activity. The stock closed 4.96 percent higher at LE6.98. Overall, the PAMI closed 0.91 percent lower at 8,116.4 while the PIPO dipped 0.19 percent to 1,704.3. Prime Securities S.A.E.