Stability characterized Monday\'s trading in Egypt’s market
On Monday, January 29, the market’s rise slowed down, as investors took profits on gains realized last week. The reweighing of portfolios following Merrill Lynch’s upgrade of the Egyptian market continues to foster a favorable environment. Telecoms contributed to the upward momentum, as Orascom Telecom –OT (ORTE.CA) jumped 3.50 percent to LE49.45 while MobiNiL (EMOB.CA) edged 2.67 percent higher to LE81.40.
Medical conglomerate Lakah Group (HCFI.CA) continued its upward climb, closing nearly limit up at LE2.54.Other large-cap shares ended mixed. Suez Cement (SUCE.CA) finished the session 3.44 percent higher at LE35.74, while CIB (COMI.CA) and OCI (OCIC.CA) each fell 1.65 percent and 2.41 percent, respectively, to LE39.82 and LE37.61. Conversely, aic (AICR.CA) continued to rebound following last week’s positive corporate developments. The stock jumped 4.94 percent to close at LE5.10.
Overall, the PAMI climbed 0.84 percent to 8,142.1 while the PIPO nudged 1.15 percent higher to 1,839.
Prime Securities S.A.E.
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