CASE remains stable in early week trading
On Monday, April 30, the CASE remained stable with most investors eyeing Helwan Cement (HELW.CA).
The stock distributed a cash dividend of LE5.0/share, but only dropped LE2.98 to LE41.85. Other cement stocks were given a push upwards as Suez Cement (SUCE. CA) inched up 0.83 percent, Torah Cement (TORA.CA) was up 4.76 percent and Sinai Cement (SCEM.CA) moved up 0.25 percent.
The financial sector was bruised as large cap CIB (COMI.CA) slipped 0.85 percent with asks outnumbering bids 2:1 during the whole session, although Monday was the record date for its LE3.75/share cash dividend due on Wednesday. Following suit was EAB (EABK.CA) and NSGB (NSGB.CA) down 0.05 percent and 3.05 percent, respectively.
Meanwhile, the telecom sector ended mixed as MobiNiL (EMOB.CA) inched down 1.81 percent to LE61.05 and Orascom Telecom –OT (ORTE.CA) ended flat despite some activity at the beginning of the session. Misr Hotels –Hilton (MHOT.CA) was among the top gainers as fresh privatization news on the company was posted in local newspapers on Sunday.
Elsewhere, IE –Bahgat (INEC.CA) is still heading north for its 7th day, bouncing off a new low of LE2.85 to close limit up with no asks at LE3.71.
Overall, the PAMI stabilized at 6,474.7, while the PIPO dipped 0.33 percent to 1,574.0.
Prime Securities S.A.E.
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