On Sunday, February 18, the market’s downward trend carried over from the previous week. Prices have dipped to attractive levels, which may encourage investors to come back into the market for the remainder of the week.
Telecoms faced downward pressure, as MobiNiL (EMOB.CA) plunged 3.28 percent to LE68.46 while Orascom Telecom –OT (ORTE.CA) fell 2.31 percent to close at LE39.28. Medical Conglomerate Lakah Group (HCFI. CA) plummeted 4.72 percent to LE2.02.
Elsewhere,banks ended down. The major exception was United Bank of Egypt (DKBA.CA), which bucked market trend to jump 3.67 percent to LE13.00. Credit International D’Egypte –CIE (CIEB.CA) was punished, dropping nearly limit down to LE15.68. H & D Bank (HDBK.CA) slithered 4.47 percent lower to LE20.50. Commercial International Bank – CIB (COMI.CA) closed 1.14 percent lower at LE38.95.
Overall, the PAMI shed 1.83 percent to 7,272.2 while the PIPO lost 1.11 percent to 1,743.5.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
