On Monday, January 22, the market continued to trade sideways with low volumes. Lakah Group accounted for nearly one third of the market’s total volume, closing 4.12 percent higher following news of Lakah’s LE122 million contract to provide turn-key equipment at twelve public hospitals. Telecoms gained slightly, as GSM operator MobiNiL edged 0.99 percent higher to LE71.41 and Orascom Telecom followed suit with a 0.61 percent gain to close at LE42.74.
Housing and construction sector stocks rebounded following profit taking earlier in the week. Nasr City Housing & Development and Al Shams Housing & Development closed up 1.09 percent and 4.60 percent, respectively, at LE31.59 and LE4.78. Cairo Housing & Development continues to advance upward, finishing the session at LE1.79, up 2.29 percent. Helwan Cement rose 9.56 percent to LE37.60 following a transaction between HELW’s ESA and employees of the company.
Overall, the PAMI and PIPO both closed flat, with modest 0.17 percent and 0.22 percent gains.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
