On Sunday, the CASE was partially affected by regional tensions and sagged on very light volumes with most stocks closing lower. Market bellwether MobiNiL (EMOB.CA) was a standalone case as it rose 1.10 percent, failing to direct market sentiment upwards. Even sister operator Orascom Telecom – OT (ORTE.CA /ORTEq.l) closed in the red.
Helwan Cement (HELW.CA) fell 4.81 percent as bids disappeared mid session on lack of news of its equity sale. HELW dragged other cement stocks downwards as Suez Cement (SUCE.CA /SUCEq.L) fell 2.76 percent despite announcing a LE2/share cash dividend in its general assembly on May 17. Moreover, Sinai Cement (SCEM.CA) slid 4.01 percent to register a new low at LE11.61.
Banks ended mixed as CIB (COMI.CA /COMIq.L) inched down 0.92%,while EAB (EABK.CA) rose 2.56 percent on M&A activity.
Overall, both PAMI and PIPO inched down 0.29 percent and 0.14 percent, respectively.
Prime Securities S.A.E.
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