Tuesday, August 21, was another day of decline, compounded by Morgan Stanley Capital International Inc.-MSCI lowering its Market Cap Factor MCF for some companies. The PAMI index fell 57 points or 0.93 percent to 6,116.5.
Despite MSCI raising the MCF of both Suez Cement and Eastern Tobacco, Suez fell 2.48 percent to LE32.63, while Eastern Tobacco remained nearly flat at LE56.49. Companies which had their MCF lowered were Orascom Telecom, EIPICO, Nasr City H&D and MIBank. Accordingly, OT dropped 4.89 percent to LE18.09, and Nasr City slid 2.65 percent, while MI-Bank and EIPICO remained flat at LE33.01 and LE8.50.
Other blue chips such as CIB and MobiNiL which were unchanged in their MCF, declined in sympathy to close down 1.45 percent and 2.81 percent at LE35.96 and LE52.95, respectively.
Elsewhere, Misr Free Shops continued its sharp upward surge as it has been announced that its suggested coupon would be LE3.80/share, representing a dividend yield of 30 percent.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
