The CASE rose modestly this week as most shares traded sideways with no definite direction, partially because of the Labor Day holiday which paused trading in the middle of the week. The cement sector was the star of the week, as all cement stocks rose in anticipation of the possible sale of 47.9 percent of Helwan Cement (HELW.CA). HELW rose 2.9 percent and distributed a LE5/share cash dividend.
All cement stocks followed suit, as Suez Cement (SUCE.CA), Torah Cement (TORA.CA) and Sinai Cement (SCEM.CA) all closed in positive territory. Eastern Tobacco (EAST.CA) was among the top gainers this week as rumors of its 15 percent stake sale surfaced to take it 6.4 percent higher to LE51.21.
Fresh privatization news surrounding Misr Hotels –Hilton (MHOT.CA) also helped the stock to add 11.06 percent, closing the week off at LE93.38.
Rumors about a strategic investor interested in Egyptian American Bank –EAB (EABK.CA) encouraged investors to push the stock up 7.8 percent this week. The telecom sector was unaffected by rumors, but managed to end the week firm with MobiNiL (EMOB.CA) at LE62.89 and Orascom Telecom – OT (ORTE.CA) at LE29.27.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)