This week the CASE was decidedly in the red with all major stocks heading south. Lack of news and major stock markets declines pushed investors to liquidate their positions to stand on the sidelines to see what happens in other key stock exchanges.
The bear’s claws reached most sectors, but the telecom sector bled the most. MobiNiL (EMOB.CA) fell 7.9 percent to LE62.38, while regional mobile operator Orascom Telecom –OT (ORTE.CA) continued its search for a new low to find one at LE29.63 and close the week 16.67 percent down at LE29.79. Both Helwan Cement (HELW.CA) and Suez Cement (SUCE.CA) dropped this week on profit taking and lack of news of strategic investor interest. HELW slipped 1.92 percent to LE40.96 and SUCE retreated 6.81 percent to LE35.15.
Elsewhere, Blue-chips also got bruised as CIB (COMI.CA) fell 5.24 percent to LE34.55 and construction giant OCI (OCIC. CA) tumbled 7.50 percent to LE31.96. Medical conglomerate Lakah Group (HCFI.CA) has finally posted 1H FY2000 results, in which the company incurred a loss of LE418 million. The stock was immediately dumped sending it to the top of the volume and loser lists, with more than 4 million shares traded to plunge 20.65 percent to LE1.46. Investors seemed to have turned to more defensive stocks, in particular pharmaceuticals.
Accordingly, Memphis Pharmaceuticals (MPCI.CA), Medical Union Pharma (MEDU.CA),T3A Pharma Group (TAGP.CA) and EIPICO (PHAR.CA) climbed 8.12 percent,4.85 percent,4.36 percent and 1.85 percent, respectively.
Prime Securities S.A.E.
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