Stability on Cairo’s stock exchange
On Tuesday the market stabilized with many sectors ending mixed. Telecoms were led by MobiNiL (EMOB.CA), which edged up 1.15 percent to LE79.44 while Orascom Telecom –OT (ORTE.CA) dipped 0.57 percent to close at LE59.42. Upward movers were led by smaller-cap stocks such as Misr Chemicals (MICH.CA), which closed limit up at LE4.20 on recent news that the government intends to give priority to the company’s restructuring prior to privatization.
Conversely, OPTD (OPTD.CA), which had been trading among the top gainers almost on a daily basis dropped nearly limit down to LE6.06. The financial sector was also down with large-cap CIB (COMI.CA) losing a modest 1.69 percent to LE34.92 while EAB (EABK.CA) dropped more sharply, shedding 4.66 percent to finish at LE34.80. Lakah Group (HCFI.CA) was the most liquid stock with over 1.2 million shares changing hands to close 4.32 percent higher at LE3.14. The PAMI lost 0.45 percent to close at 8,059.4 while the PIPO gained a modest 0.27 percent to 1,698.4. — (Prime Securities S.A.E.)