On Monday, January 5, the market slipped early in light trading, but later picked up in more robust activity. Some investors were cautious concerning the uncertainty of the upcoming Israeli elections, and many sectors faced downward pressure.
Telecoms bore the brunt of the trend, as MobiNiL (EMOB.CA) dropped 3.25 percent to LE75.50 while regional telecom operator Orascom Tele-com –OT (ORTE.CA) fell 1.52 percent to LE44.68.
Conversely, Lakah Group (HCFI.CA) led volumes to rebound 4.29 percent to LE2.43 following news that Toshiba is interested in acquiring a stake in the company. Construction stocks fell for another day in a row, as aic (AICR.CA) was off 1.17 percent to LE5.05 and OCI (OCIC.CA) lost 1.71 to close at LE36.80. Overall, the PAMI shed 1.60 percent to 7,805 while the PIPO dipped 0.51 percent to 1,816.5.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
