The seasonal lull continued to take its toll on July 16, as volumes dried up to register at 2.9 million on the CASE. The PAMI index sank into the red, a whopping 209 points or 3.27 percent, while the broader PIPO index faired better, falling 1.98 percent.
Media Production City was faced with a sell-off the moment it broke the psychological resistance level of LE10.0. The stock hit a new low at LE9.65, whilst falling 4.24 percent to LE9.72, with bids disappearing throughout the session several times, reflecting the high intensity of the sell-off.
MobiNiL’s key level of E60.0 was also broken, leaving the share to free fall to LE57.57. Meanwhile OT dropped 4.64 percent to LE21.57, dragged down by its GDS which closed at the equivalent of E19.00.
CIB was also faced with a drop in its GDR price, which triggered the decline in its shares on the CASE to fall 2.05 percent to LE33.95. Stocks hitting new lows were El Ezz Steel Re-bars at LE1.36, OHH at LE3.49 and Lakah Group at LE0.58.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
