CASE gains ground following upgrade of Egyptian market
On Sunday, January 28, the market got off to a strong start, continuing to gain ground from last week. Investor sentiment has become more confident coinciding with Merrill Lynch’s upgrade of the Egyptian market from neutral to overweight.
Lakah Group (HCFI.CA) continued its upward climb, emerging as the day’s volume leader to close 3.86 percent higher at LE2.42. Telecoms led the market higher, as Orascom Telecom –OT (ORTE.CA) advanced 4.87 percent to LE47.78 while MobiNiL (EMOB.CA) surged 4.66 percent to LE79.28, as the stock continued to trade higher following last week’s release of better than expected earnings.
Other large-cap shares rode the market higher, as CIB (COMI.CA), Suez Cement (SUCE.CA), OCI (OCIC.CA) and Egyptian Media Production City (MPRC.CA) each climbed 3.71 percent, 4.00 percent, 4.76 percent and 3.63 percent, respectively. aic (AICR.CA) continued its upward trend following last week’s announcement of securing a $94 million contract in Oman. The stock jumped 4.86 percent to close at LE4.86.
Overall, the PAMI climbed 3.71 percent to 8,074.4 while the PIPO nudged 1.17percent higher to 1,836.3.
Prime Securities S.A.E.
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