Egypt stocks end firm in slow trade on technicals
CAIRO, (Reuters) - Egyptian stocks ended firmer in slow trade on Tuesday, May 22, driven mainly by technical factors, traders said. "Helwan Cement had a technical bounce. It had fallen 20 percent so had to rebound at these levels," said Wael el-Tahawi, broker at Fleming CIIC. The stock ended up 0.17 pounds, or 0.5 percent, to close at 36.36 pounds.
The benchmark Hermes Index closed up 47.58 points points, or 0.7 percent, at 6,559.95 while the broader CIBC index ended up 0.42 points, or 0.6 percent, at 69.75. Suez Cement was supported by a two-pound dividend payable by the end of the month and hopes for good news in the next couple of weeks on a planned stake sale, Tahawi added. It ended up 0.45 pounds, or 1.3 percent, at 35.31 pounds.
Mobile phone operator Egyptian Company for Mobile Services (MobiNil) is taking a breather after going from 50 pounds to 70 pounds in less than two months, Tahawi said. "It has had a very good bull move. Now the bull needs to rest a while," he said. The next high could be 76 or 80 pounds, he said. "The share should have a stab at 75 or 76 pounds in the next few weeks," said Mohamed Radwan, Institutional Sales Executive at ABN AMRO. The share ended off 0.06 pounds, or 0.1 percent, at 69.06 pounds.
Regional mobile operator Orascom Telecom continued to find some support around the 30-pound mark, brokers said. Radwan said it was heavily traded at that level. The stock closed off 0.01 pounds, or 0.04 percent, at 30.06 pounds in volume of 91,080 shares. ($1=3.88 Egyptian pounds)
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