On Tuesday, May 8, blue chips dominated trading pushing ahead in light of the MSCI inclusion at the end of this month. Market heavyweight MobiNiL (EMOB.CA) advanced 4.08 percent to LE67.39, as asks disappeared mid session.
Elsewhere, housing stocks could not maintain their surge for another day and sank in the red. Major players including Nasr City H&D (MNHD. CA) and Cairo H&D (ELKA.CA) fell 3.29 percent and 4.55 percent, respectively. All cement stocks fell into negative territory yesterday as investors preferred to cash in on their gains as no news on the Helwan equity sale arose.
Accordingly, Helwan Cement (HELW.CA), Suez Cement (SUCE.CA) and Sinai Cement (SCEM.CA) dropped 3.57 percent, 2.55 percent and 3.57 percent, respectively.
Elsewhere, the financial sector gained ground as sector leader CIB (COMI.CA) gained 1.33 percent. Other banks such as Credit Intl D’Egypte (CIEB.CA), NSGB (NSGB.CA) and EAB (EABK. CA) also closed in positive territory.
Overall the PAMI edged up 0.93 percent to 6944.9, while the PIPO inched down 0.87 percent to 1601.1.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)