On Tuesday, May 15, the new EFA trading system experienced disruptions during its second session, triggering frustration among investors. Volume was very light, only over 2 million shares changed hands.
Helwan Cement (HELW.CA) continued to drop as news of Cemex’s statements about lack of interest in the company spread. The share lost 4.38 percent to close at LE39.52. Other cement stocks bore some pressure as Suez Cement (SUCE. CA) and Sinai Cement (SCEM.CA) fell 0.8 percent and 1.24 percent, respectively.
Elsewhere, rumors surfaced on the mortgage law being passed by next week. Accordingly, Nasr City Housing & Development (MNHD.CA) and Cairo Housing & Development (ELKA.CA) rose 4.08 percent and 2.48 percent, respectively. Big cap CIB (COMI.CA) inched down 0.71 percent ahead of its 1Q results. Blue chips in general were bruised today as OCI (OCIC. CA) fell 1.34 percent and Orascom Telecom –OT (ORTE.CA) dropped 1.78 percent.
Overall the PAMI edged down 1.41 percent to 6,966.5, while the PIPO fell 0.35 percent to 1,585.8.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)