Market activity declines in CASE amid new EFA trading system
On Monday, May 14, market activity declined as investors cautiously observed the new EFA trading system become operational. Overall, the market was slightly over-bought, directing the CASE into negative territory. Helwan Cement (HELW.CA) fell 3.77 percent after Cemex officials were quoted as not submitting bids for Helwan Cement. The stock was faced with disappearing asks in the beginning hours of the session, when bottom fishers emerged to balance the share‘s price. HELW pressured other cement stocks lower, such as Suez Cement (SUCE.CA) and Sinai Cement (SCEM.CA) which both fell 2.35 percent and 1.78 percent, respectively.
The telecom sector remained stable as MobiNiL (EMOB.CA) inched down 0.94 percent and Orascom Telecom –OT (ORTE.CA) edged up 0.35 percent. Other large-caps such as CIB (COMI.CA) inched down 0.45 percent ahead of its 1Q results today. Construction giant OCI (OCIC.CA) fell 0.65 percent on a mere volume of 7,475 shares. Medical conglomerate Lakah Group (HCFI.CA) currently faced with negative publicity, recorded a new low of LE0.73, down 3.95 percent.
Overall the PAMI edged down 0.74 percent to 7,054.9, while the PIPO fell 1.08 to 1,581.6.
Prime Securities S.A.E.
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