On Sunday, July 5, market activity was jittery after the Central Bank of Egypt devalued the foreign ex-change rate 6.41 percent to LE 4.15 to the US dollar. The PAMI index entered its sixth day of losses sliding 0.59 percent to close at 5,651.6 after hitting a new low at 5,618.8.
Market bellwether MobiNiL dragged the market downwards as it fell 2.54 percent to LE51.78, just 2.9 percent above its year low of LE50.32. OT followed suit to edge down 0.95 percent to LE16.60.
Cement activity backpedaled amid rumors surfacing that Cimentis Frainces has withdrawn its bid for Suez Cement’s 10.1 million capital increase. Accordingly, SUCE fell 3.60 percent to LE33.20 despite company officials flatly denying the associated market talk. Helwan Cement also dropped 1.97 percent to LE27.43, and Sinai Cement declined 4.32 percent to touch a new low at LE8.14.
Blue chips such as CIB and OCI managed to buck the market trend and remain stable. Lakah Group continued its southern journey to touch a new low at LE0.44, despite its GDR trading at the equivalent of LE0.59.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
