On Tuesday, July 3, the market continued to rally extending yesterdays rise as investors continue to gain confidence after Egypt’s oversubscribed bond issue. The active PAMI index rose 1.95 percent to 6,728.5. Telecoms led the market higher as MobiNiL advanced 3.59 percent to LE62.30, while Orascom Telecom rose 4.27 percent to LE25.63.
Cement stocks remained on hold as Suez Cement, Helwan Cement and Sinai Cement remained stable, on lack of news concerning Suez’s extra-ordinary general assembly.
Financial leader CIB rose 1.29 percent to LE35.33, ahead of its 1H results. As the fiscal year of the majority of Milling companies, characterized by high dividend yields, approaches investors have begun accumulating associated shares. Accordingly, Upper Egypt Mills, East Delta Mills and Central Egypt Mills climbed 4.24 percent, 3.66 percent and 3.57 percent, respectively.
Elsewhere Lakah Group fell to a new low of LE0.63, after bids disappeared throughout the session.
Prime Securities S.A.E.
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