Market sentiment in the week ending May 11 was high as investors started to concentrate their trading on blue chips ahead of their inclusion in the MSCI indices at the end of May. The telecom sector fared well this week posting gains on decent volumes. MobiNiL (EMOB.CA) ranked 6th by volume climbed 8.51 percent to LE68.24. Regional telecom operator Orascom Telecom –OT (ORTE.CA) added on a smaller gain of 2.36 percent to end the week at LE29.96.
The financial sector also gained ground as sector leader Commercial International Bank –CIB (COMI.CA) inched up 1.71 percent ahead of its postponed 1Q results due next week. Other banks such as Egyptian American Bank –EAB (EABK.CA) continued to surge on foreign investor interest to end the week at LE50.35, ranking near the top of the winners list this week. In the cement sector, Helwan Cement (HELW.CA) has failed to encourage investors with news on its equity sale.
As a result, investors ditched the stock mid-week pressuring the share down to LE41.01, a 0.67 percent decline. Other cement stocks were dragged downwards, such as Sinai Cement (SCEM.CA), which was down 5.66 percent to LE12.17. Meanwhile, Suez Cement (SUCE.CA) bore some pressure from HELW but managed to close the week in the black, up 1.43 percent at LE34.75 ahead of its ordinary general assembly on May 17.
In short, there seems to be some renewed investor confidence in the market, although it is returning very slowly and cautiously.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)