Egypt’s market falls in early week trading
On Sunday, February 25 the market dropped, continuing its downward movement initiated last week in the wake of the Turkish crisis. However, prices have reached attractive levels again, which should encourage greater demand in the coming days. Telecoms led the market lower, as MobiNiL (EMOB.CA) plunged 4.77 percent to LE64.03 while Orascom Telecom –OT (ORTE.CA) fell nearly limit down to LE36.78.
Cement shares continued to face downward pressure, led lower by Alexandria Cement (ALEX. CA), which plummeted 4.72 percent to LE17.14. Suez Cement (SUCE.CA) declined 2.16 percent to LE35.81. Helwan Cement (HELW.CA) fell 2.56 percent to LE35.01.
Bank stocks did not fare much better, as Commercial International Bank – CIB (COMI.CA) crashed 4.98 percent lower to LE36.04 ahead of its release of FY2000 results. Egyptian American Bank –EAB (EABK.CA) moved against the current, eking out a marginal 0.03 percent gain to LE32.60.
Overall, the PAMI fell 3.67 percent to 6,927.1 while the PIPO was off 1.63 percent to 1,679.4.
Prime Securities S.A.E.
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