Mixed trading in Egypt’s market in first session of 2001
On the first session of the New Year, the market ended in mixed trading. GSM providers MobiNiL and Orascom Telecom (OT) both ended lower, closing 0.61 percent and 2.22 percent down at LE74.91 and LE50.76, respectively. Surprisingly, both stocks did not react positively to news that OT and France Telecom (FT) have acquired Motorola’s 35.3 percent stake in the MobiNiL Telecommunication Consortium (see Corporate News inside).
Chipsy for Food Industries continued its upward trajectory, trading limit up to close at LE10.71. Other large-caps eked out meager gains, such as Commercial International Bank (CIB) and Suez Cement (SUCE.CA), which closed 0.08 percent and 0.64 percent higher, respectively, at LE35.42 and LE34.44.
Conversely, Orascom Construction Industries –OCI (OCIC.CA) was down slightly, shedding 0.23 percent to LE48.22. Overall, the PAMI inched 0.5 percent higher to 7,921.1 while the PIPO gained 0.78 percent to close at 1,759.1.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)