On Tuesday, February 13, the market remained stable, although a slight downward bias persists. Profit taking returned to the Egyptian bourse, as investors focused on short-term gains on major large-cap Shares. Telecoms suffered, as market bellwether MobiNiL (EMOB.CA) dipped 1.29 percent to LE72.00 while Orascom Telecom –OT (ORTE.CA) fell 1.94 percent to close at LE41.86.
In the tourism sector, Orascom for Projects & Touristic Development –OPTD (OPTD.CA) began a downward slump following days of price appreciation. The stock ended nearly limit down at LE10.29. Sister company Orascom Hotel Holdings –OHH (ORHC.CA) finished flat at LE7.21.
Elsewhere, aic (AICR.CA) lost 2.85 percent to LE4.78 after recent jumps in value following news of new contracts in Oman and Fayoum. In the banking sector, blue-chip CIB (COMI.CA) was slammed 2.85 percent to close at LE38.56.
Egyptian American Bank –EAB (EABK.CA) rose 2.32 percent to LE34.82 on speculation of rumored foreign interest. Overall, the PAMI inched down 0.9 percent to 7,500.6 while the PIPO declined 0.07 percent to 1,777.8.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
