On Monday, July 9, the market was split with the PAMI value weighted index losing a marginal 0.06 percent. Orascom Telecom lost approximately 9 percent of its GDS value yesterday to close at US$2.95/share ahead of its 1Q FY01 financials, which were announced after the session.
The steep drop in GDS value came as UK investors proved wary of the Telecom sector following both Marconi’s and Vodafone (VOD)’s recent announcements concerning profit warnings and slowing customer growth.
Both Egyptian mobile operators were up intra-day but finished at their lows by the end of the session, with MobiNiL inching down 0.89 percent to LE61.5.
Cement activity increased as talks about the Suez Cement ESA disband surfaced in the market. SUCE edged up 0.36 percent to LE36.54, while Sinai Cement added 0.84 percent to LE11.96. Meanwhile, Helwan Cement remained flat at LE31.02. In the Food & Beverages sector, both monopolies, Al Ahram Beverages and Eastern Tobacco rose, the former on news of M&A activity in the region and the latter on anticipation of a high dividend yield.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
