On Tuesday, February 20, the market posted healthy gains, as telecoms appeared poised for a rebound after last week’s drubbing. Prices had been crawling downward all of last week to attractive levels, prompting investors to snap up shares at bargain prices.
GSM heavyweight MobiNiL (EMOB.CA) gained 2.20 percent to LE71.15 while regional telecom operator Orascom Telecom – OT (ORTE.CA) jumped 3.07 percent to close at LE41.02. Cement shares recorded robust gains, led by Torah Cement (TORA. CA), which increased 4.02 percent to LE32.87. Helwan Cement (HELW.CA) and Suez Cement (SUCE.CA) also per-formed well, advancing 2.76 percent and 2.22 percent, respectively, to LE36.48 and LE37.71.
Bank stocks fared better than Monday, as Commercial International Bank –CIB (COMI. CA) closed 0.83 percent higher at LE39.00 prior to release of FY2000 results next week. Egyptian American Bank – EAB (EABK.CA) surged 4.45 percent to LE33.36.
Overall, the PAMI climbed 2.21 percent higher to 7,446.1 while the PIPO rose 0.68 percent to 1,739.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
