Early week sharp losses for Cairo’s stock exchange
On Sunday, December 4, the Egyptian market dropped sharply, as large-cap stocks dominated the trading session. Local telecom provider Mo-biNiL (EMOB.CA) tumbled 4.36 percent to LE75.96 and Orascom Telecom – OT (ORTE. CA) plunged 4.64 percent to close at LE58.39. Cement companies were hit hard, including Helwan Cement (HELW.CA), which fell 3.78 percent to LE32.85 following last week’s talk of strategic investor interest in the company.
National Cement (NCEM. CA) and Suez Cement (SUCE. CA) were both down 4.86 percent and 2.91 percent to LE11.15 and LE34.07, respectively. Construction firms aic (AICR.CA) and Orascom Construction Industries –OCI (OCIC.CA) were off 2.55 percent and 3.60 percent to finish at LE4.20 and LE42.07, respectively. Conversely, two bank stocks finished in the black, namely Al-Watany Bank of Egypt (WATA.CA) and EAB (EABK.CA), which rose a mere 0.28 percent to LE17.97 and 0.27 percent to LE36.50, respectively. Overall, the PAMI shed 3.05 percent to 7,951.3 while the PIPO was down 1.06 percent to close at 1,686.3. (Prime Securities S.A.E.)