On Monday, March 12, the market continued its downward drift, although low volumes picked up a bit over Sunday‘s levels. Helwan Cement (HELW.CA) remains the focus of investors, climbing another 1.67 percent to LE43.80.
Among other blue-chips, Suez Cement (SUCE.CA) slipped 0.56 percent to LE36.98 while Orascom Construction Industries –OCI (OCIC.CA) shed 1.97 percent to LE33.40. Commercial International Bank –CIB (COMI.CA) eked out a minor 0.06 percent gain to end the session at LE36.00.
Housing shares continued to cushion the market’s dip, as Nasr City Housing & Development (MNHD.CA) and Cairo Housing & Development (ELKA.CA) posted strong gains for another consecutive day, rising 4.34 percent and 4.93 percent, respectively, to close at LE27.14 and LE1.49.
Telecom stocks tumbled, as MobiNiL (EMOB.CA) dropped 0.39 percent to LE66.16 while Orascom Telecom –OT (ORTE.CA) plunged 3.48 percent to LE33.26.
Overall, the PAMI dipped 1.07 percent to 6,907.4 while the PIPO was off 0.68 percent to 1,687.1.
Prime Securities S.A.E.
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