CASE heads lower following OT’s press conference
On Tuesday, January 16, the market slipped in mixed trading, but saw higher volumes than Monday. Regional telecom operator Orascom Telecom – OT (ORTE.CA) fell 4.71 percent, as market sentiment turned negative following OT’s press conference held after hours on Monday.
OT’s management made no market-moving announcements to reinvigorate the stock’s flagging performance in recent days. OT closed at LE43.72 in light volume of 193,096 shares. Local GSM operator MobiNiL (EMOB.CA) followed suit, dropping 3.48 percent to LE71.32.
Housing stocks continued to enjoy robust gains as the parliamentary discussion of the mortgage law gets closer. Nasr City Housing &Development (MNHD.CA) finished the session 4.83 percent igher at LE33.20 while Al-Shams Housing & Development (ELSH.CA) jumped 4.6 percent to LE4.96.
Overall, the PAMI dipped 1.92 percent to 7,552.3 while the PIPO was up 1.04 percent to close at 1,802.2.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)