This week, ending February 16, the market was somewhat bearish in light of a lack of substantiated market developments. Instead, MSCI exclusion rumors abounded accompanied by regional political tensions, which made investors jittery. The cement sector backpedaled as investors reap their profits from earlier gains. Suez Cement (SUCE.CA) declined 2.23 percent to LE36.33, Helwan Cement (HELW.CA) inched down 0.67 percent to LE35.84 and Sinai Cement (SCEM.CA) fell 13.60 percent to LE15.50.
On the telecom side, both mobile operators were in the red this week. Orascom Telecom -OT (ORTE.CA) continued its downward trend that started when it released less than expected earnings, to fall 7.39 percent this week to close the week at LE40.21. Meanwhile, market bellwether MobiNiL (EMOB.CA) fell 4.53 percent to close at LE70.78.
On Sunday, the CASE saw Chipsy International execute its acquisition of 27,538,201 shares of Chipsy for Food Industries (CFIN.CA) at LE15.14/share, thereby taking the company private. Consequently, CFIN traded the highest volume for the week. Meanwhile, Cairo Housing &Development (ELKA.CA) was heavily punished by investors after its EGA which approved the merger of New Cairo Housing & Development into ELKA and changed the par value of the share from LE1/share to LE5/ share. Investors dumped the share all week to lose 21.16 percent to LE1.90, making it the top loser of the week.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
