Slight decline in midweek CASE trading
On Monday, June 25, market sentiment was lukewarm, despite the positive news from Suez Cement. The PAMI remained nearly flat at 6,466.6 while the PIPO index inched down 0.45 percent to 1,564.1.
The company announced Cement Francais as the winning bidder in its 10.1 million capital increase at LE51/share. Suez Cement recorded a new massive volume of 987,703 shares to end the session up 0.60 percent at LE36.94, despite a heavy selling wave.
Telecom companies were mixed as MobiNiL eked out a 0.65 percent gain, while Orascom Telecom fell 1.59 percent to LE24.82.
Elsewhere, banks fared better as CIB gained 1.21 percent to LE34.41 and EAB rose. Medical conglomerate Lakah Group was faced with a 14.3 percent drop in its GDR price to $0.45, which brought local shares limit down toLE0.73 with disappearing bids. Housing shares represented by Nasr City H&D and Cairo H&D tumbled 3.40 percent and 3.97 percent, respectively.
Meanwhile, Al Ezz Steel Rebars recorded a new low of LE1.59.
© 2001 Mena Report (www.menareport.com)