Egypt’s CASE begins week on a slight decline
Egypt’s market sentiment on Sunday, July 29, was low to flat as the PAMI index slid 4 points to 5,935.1. Stocks were back at hitting new lows, with Media Production City hitting LE7.90 while OT touched LE17.02.
Financial stocks were faced with a profit-taking wave erasing much of the gains achieved over the last couple of days. Accordingly, CIB dipped 0.43 percent and MiBAnk inched down 0.54 percent. Meanwhile NSGB bucked the sector trend to edge up 0.5 percent after posting better than expected 1H results showing a 13 percent increase in net income.
Elsewhere, the cement sector was mixed as Suez Cement continued to fall in the aftermath of disappointing 1Q results, down to LE33.82. Meanwhile, Helwan Cement was up 1.63 percent on privatization hopes triggered by Chairman of the HC.
Drugs were in the black as EIPICO, Pfizer and T3A rose 0.36 percent, 5.00 percent and 2.33 percent, respectively.
Prime Securities S.A.E.
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