On Tuesday, March 11, the whole market declined on the heels of the NASDAQ’s plunge on Monday. Most sectors that posted gains in the last couple of days ere faced with profit taking. Helwan Cement (HELW. CA) fell 4.75 percent to LE41.66 and Cairo Housing & Development (ELKA.CA) retreated 4.70 percent to LE1.42.
Blue chips were hit hard with MobiNiL (EMOB.CA) falling 3.49 percent to LE63.85 and Commercial International Bank –CIB (COMI.CA) declining 2.39 percent to LE35.14.Following suit was Orascom Telecom –OT (ORTE.CA), which continued its trend to a new low of LE31.60, but managed to recover by the end of the session to close at LE31.68.
The only sector to buck the trend was the pharmaceutical sector, as Memphis Pharmaceuticals (MPCI.CA), T3A Pharma Group (TAGP.CA) and Cairo Pharmaceuticals (CPCI.CA) rising 4.70 percent, 4.86 percent and 0.08 percent respectively. Overall, the PAMI fell 2.79 percent to 6,714.9 while the PIPO was down 1.23 percent to 1,666.3.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)