Trading in the Egyptian bourse on Tuesday, July 31, was characterized by heavy losses across the board, with the overall investor mood decidedly negative. The PAMI index struck a new low at 5,742.3, and ended the session down 1.93 percent, with more than 4 million shares traded.
Setting the tone for the session was blue chip CIB, which despite reporting a stable 4 percent increase in bottom line 1H results released on Monday, was received with disappointment by the market. Accordingly, the stock lost 4.35 percent to end the session at LE31.21.
The financial leader, appeared to drag down fellow sector stocks with EAB and Mibank declining 4.99 percent and 0.6 percent, respectively.
In the telecom sector OT wiped out Monday’s gains and plunged 4.63 percent, hitting a new low at LE16.83. Blue chips such as OCI slid 3.96 percent toLE29.33, while Suez Cement remained stable at LE34.16, with hopes riding on its EGA date to be announced soon.
Elsewhere, Lakah Group, Media Production and aic all hit new lows at LE0.47, LE7.4 and LE0.84, respectively.
Prime Securities S.A.E.
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