The CASE rose again this week, ahead of the inclusion of Egypt in the MSCI EMF Index at the end of May. The market managed to squeeze out gains despite disruptions in the new EFA trading system, which came on line this week. The telecom sector rose after a minute correction mid-week, as The Egyptian Company for Mobile Services –MobiNiL (EMOB.CA) climbed 3.71 percent and Orascom Telecom –OT (ORTE.CA /ORTEq.L) rose 3.54 percent.
The cement sector this week was mixed in in-creased activity, although Helwan Cement (HELW.CA)’s equity sale has not yet materialized. The stock lost 3.9 percent to close the week at LE38.45. Meanwhile, large-cap Suez Cement (SUCE.CA /SUCEq.L) gained 0.95 percent ahead of its capital increase deadline. SUCE also held its ordinary general assembly today and approved a cash dividend of LE2.00/share.
Financial large-cap Commercial International Bank –CIB (COMI.CA /COMIq.L) posted 1Q FY2001 results below expectations but managed to stay firm. The stock inched down 1.54 percent to
LE34.62. Egyptian American Bank –EAB (EABK.CA) soared 7.05 percent to LE53.90 this week after its major shareholders showed interest in selling their stakes. Moreover, Misr International Bank –MIBank (MIBA.CA /MIBDq.L) rose 8.01 percent despite a 17 percent decline in net profits in its 1Q FY2001 results. Other blue chips remained stable.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)