Rate cut rescues Egyptian market
On Tuesday, April 24, the session started off weak, then rallied for an hour after the Central Bank of Egypt came to the rescue with another 50 basis rate cut. However, the session’s trading ended nearly flat.
The cement sector was up again led by Helwan Cement (HELW.CA) and Suez Cement (SUCE.CA) which both added 3.9 percent and 1.29 percent, respectively.
Market bellwether MobiNiL (EMOB.CA) inched down 1.14 percent to LE63.15, failing to close over its LE64 resistance level.
Elsewhere, Lakah Group (HCFI. CA) continued its free fall to score a new low of LE1.06, 22 percent below its GDR price, with over a million shares traded.
Overall the PAMI inched down 0.45 percent to 6,586.9, while the PIPO stable at 1,613.5.
Prime Securities S.A.E.
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