Bears were decidedly in the driver's seat this week, dragging the Cairo & Alexandria Stock Exchange downwards. Most stocks lost ground ending the week in the red. The telecom sector represented by market bellwether MobiNiL (EMOB.CA) retreated 7.33 percent to LE75.80, whereas powerhouse Commercial International Bank – CIB (COMI.CA) managed only a moderate loss of 0.88 percent to close at LE35.03. Chipsy for Food Industries (CFIN.CA) was again the star of the week pulled upwards by anticipation of imminent M&A activity announced last week, which boosted the stock 27.2 percent higher to LE8.88.
This week Lakah Group (HCFI.CA) was ranked first in both top volumes and third among the top losers, with a turnover of over 6 million shares but losing 12.24 percent to end the week at LE2.51. Mid-week cement privatization news managed to lift up Helwan Cement (HELW.CA) 7.58 percent to LE35.34, but failed to support Suez Cement (SUCE.CA), as it lost 0.26 percent to LE34.04. Overall, the PAMI retreated 4.12 percent to close the week at 7,781.4.
Prime Securities S.A.E.
© 2000 Mena Report (www.menareport.com)
