CASE jump-starts week with positive gains
On Sunday, May 6, the CASE kicked off in high gear as construction, housing and contracting stocks surged on news that the mortgage law is currently being discussed in the people’s assembly.
The main players in the housing sector lead the rally, as Nasr City H&D (MNHD. CA) climbed limit up to LE24.67 while Cairo H&D (ELKA.CA) followed upwards to LE1.21. Both stocks saw disappearing asks at the beginning of the session. In the construction sector, aic (AICR. CA) climbed 4.3 percent to LE1.94, but construction giant OCI (OCIC. CA) refused to follow the trend to close flat at LE33.73, ahead of its 1Q results due Tuesday.
While waiting for news on Helwan Cement (HELW.CA)’s equity sale, investors remained on hold as the share stabilized at LE45.49. Meanwhile, Suez Cement (SUCE.CA) rose 2.31 percent to LE35.05. Elsewhere, MobiNiL (EMOB.CA) and OT (ORTE.CA) fell 1.27 percent and 1.13 percent, respectively, on lack of news of MobiNiL’s US dollar loan conversion. Lakah Group (HCFI. CA) was faced with a 32 percent rise in its GDR price through the weekend, which restrained investors from selling in hope of a higher price the following day. The local share rose 4.5 percent to LE0.93 on low volume of 42,340 shares.
Overall the PAMI inched up 0.25 percent to 6,726.6,while the PIPO advanced 1.01 percent to 1,600.5.
Prime Securities S.A.E.
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