Early profit taking drags Egyptian market slightly lower
On Wednesday, February 7, the market got off to a slow start due to early profit taking in the cement sector. However, by the end of the session many cement shares had ended higher. Suez Cement (SUCE. CA) bore the brunt of the profit taking, falling 2.09 percent to LE37.95 amid strategic investor interest in the company. Helwan Cement (HELW.CA) dipped 0.11 percent to LE36.44.
In contrast, Misr Cement – Qena (MCQE.CA) was up 3.50 percent to LE8.57 following news that the company’s production trial period would start later this year. Sinai Cement (SCEM. CA) fared better, closing 4.44 percent higher at LE17.66.
In the tourism sector, Orascom Hotel Holdings –OHH (ORHC.CA) was the top gainer in the market, rising nearly limit up to LE7.60 on news that the company would acquire its sister company Orascom for Projects Touristic Development –OPTD (OPTD.CA) in a stock swap. Telecoms MobiNiL (EMOB.CA) rose 1.85 percent to LE74.87. Orascom Telecom – OT (ORTE.CA) fell 0.07 percent to LE43.99. Overall, the PAMI inched up 0.51 percent to 7,789.4 while the PIPO was up 0.14 percent to 1,804.3.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)