On Sunday, July 1, the market gapped upwards and remained at the top. Market sentiment seems to be improving as Egypt’s oversubscribed bond issue has spurred confidence in investors. The active PAMI index sprinted 163 points out of the gates to end the day about 4.0 percent on the upside.
Sunday’s trading session was dominated by blue chips as market bellwether MobiNiL was heavily traded, to rise 3.64 percent with disappearing asks by the end of the session. Orascom Telecom followed suit to climb 4.37 percent with no asks by the end.
Financial leader CIB could not miss the rise as it too added 1.10 percent, while construction giant OCI rose 2.20 percent. Cement stocks also gained more ground, Suez Cement and Helwan Cement rose 1.03 percent and 2.71 percent, respectively.
Elsewhere, Lakah Group surprisingly added on 3.13 percent, following expectations concerning a standstill agreement with its Eurobond holders, although its GDR shares in London are still 39 percent below local shares at $0.40.
Prime Securities S.A.E.
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