On Sunday, May 13, the market moved upwards at the beginning of the session, indicating a strong rally. Most blue chips closed the day in positive territory.
Surprisingly Helwan Cement (HELW.CA) surged 4.73 percent to LE42.95, despite lack of news on its equity sale. Other cement stocks followed suit, as Suez Cement (SCEM.CA) and National Cement (NCEM.CA) rose 2.79 percent and 3.66 percent, respectively.
The telecom sector unexpectedly gained more ground as market bellwether MobiNiL (EMOB. CA) and Orascom Telecom –OT (ORTE.CA) rose 2.87 percent and 4.47 percent, respectively. OT was faced with disappearing asks several times through out the session. El Ezz Porcelain (ECAP.CA) rose 3.79 percent despite an 83 percent decline in its net income for FY2000.
Elsewhere, MI-Bank (MIBA.CA) climbed 4.84 percent despite posting a 17 percent decline in net income in 1Q FY2001.
Overall the PAMI climbed 2.63 percent to 7,107.8 while the PIPO inched up 0.09 percent to 1,598.9.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)