Telecom stocks drives Cairo bourse higher
The PAMI index surged 367 points or 5.8 percent to end the week at 6,713.8. Leading the rally, as expected, were the telecom companies composed of MobiNil and Orascom Telecom –OT which advanced 7.31 percent and 8.03 percent, respectively.
Investors started picking up telecom shares in expectation of positive 1H FY01 results for MobiNiL due July 9 and 1Q FY01 OT results soon to be announced. Top winner this week was Al Ahram Beverages –ABC which surged 20.35 percent on rumors of M&A activity in the region. Other blue chip risers included financial leader CIB, which rose 2.81 percent to LE35.47, and construction giant OCI which added a positive 1.72 percent.
Cement activity remained flat awaiting news from Suez Cement concerning its capital increase. Accordingly, Helwan Cement only managed to eke out a 0.77 percent gain to LE31.21, while Suez inched up 0.39 percent to LE36.04. Meanwhile, Sinai Cement bucked the sector trend to gain 4.98 percent on high volumes of 544,830 shares. Volume leader Lakah Group continued to slip ending the week down 3.13 percent at LE0.62.
Prime Securities S.A.E.
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