On Tuesday, June 19, the market tanked while approaching historical lows on lack of fresh news. Both indices closed in the red with the PAMI index erasing 1.56 percent while the broader PIPO index shed 0.94 percent.
A selling spree was triggered, pounding Suez Cement as lack of information continues to encourage investors to pocket their recent gains. The stock fell 2.04 percent to LE35.96.
In the banking sector, CIB remained stable at LE34.53. EAB added less than a percent, closing at LE53.16.
Among construction stocks, OCI OCIC.CA) fell 3.57 percent while aic dropped 3.87 percent. Elsewhere, Egyptian Electro Cables recorded a new low of LE2.08 ahead of its ordinary general assembly tomorrow. Telecom companies broke major support levels as MobiNiL fell to LE59.19, while Orascom Telecom –OT sank 3.49 percent to LE25.45.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)