On Wednesday, January 31, the market continued to consolidate in increased market activity. Exchange rate concerns and lower than expected earnings for Orascom Telecom – OT (ORTE.CA) continue to weigh on CASE shares, as the regional GSM giant dropped 2.65 percent to LE45.86 while Mo-biNiL (EMOB.CA) inched down 0.73 percent to LE77.23.
Lakah Group (HCFI.CA) was the day’s volume leader, but was off 4.12 percent to LE2.33. Construction stocks ended mixed. OCI (OCIC.CA) was down slightly 0.40 percent to LE37.66 while aic (AICR.CA) bucked market trend, trading 4.55 percent higher to LE5.51. Other liquid shares, however, also resisted the market’s downward pressure. Suez Cement (SUCE. CA) and CIB (COMI.CA) ended 4.96 percent and 2.69 percent higher at LE36.18 and LE40.04, respectively.
Overall, the PAMI dipped a modest 0.07 percent to 7,894.1 while the PIPO fell only 0.02 percent to 1,818.5.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
