Egyptian market sees slight drop in midweek trading
On Tuesday, January 30, the market surrendered some of the gains realized starting last week, as profit taking increased in a flurry of market activity. Medical conglomerate Lakah Group (HCFI.CA) was the day’s volume leader, but fell precipitously to LE2.43, down 4.33 percent. Likewise, Telecoms were caught up in the downward momentum, as Orascom Telecom –OT (ORTE.CA) dropped 4.73 percent to LE47.11 while MobiNiL (EMOB.CA) shrank 4.36 percent to LE77.85. Other large-cap shares finished the session mixed.
Suez Cement (SUCE.CA) and CIB (COMI.CA) ended 3.55 percent and 2.08 percent lower at LE34.47 and LE38.99, respectively. Construction stocks OCI (OCIC.CA) and aic (AICR.CA) bucked market trend, trading 0.53 percent and 3.33 percent higher to LE37.81 and LE5.27, respectively.
Overall, the PAMI shed 2.97 percent to 7,899.9 while the PIPO edged 1.150 percent lower to
Prime Securities S.A.E.
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