On Tuesday, July 23, the market rebounded, albeit on low volumes of 2.8 million shares, as the
PAMI index rose 2.0 percent to 6,102.1. Market sentiment was positive as investors began accumulating blue chips that have been heavily discounted over the last couple of weeks.
Media Production City rallied 4.62 percent to LE8.60, with asks disappearing mid session. The cement sector continued to gain ground, backed by renewed interest in Helwan Cement’s 47.9 percent equity sale. HELW climbed 4.14 percent, while Suez Cement rose 1.23 percent.
Telecom companies saw low but positive demand as OT advanced 4.45 percent to LE19.02, in spite of its GDS closing at the equivalent of LE18.4. Meanwhile market bellwether MobiNiL remained stable at LE57.69 despite ING-Barrings upping its recommendation on the stock from “buy” to “strong buy”.
Construction giant OCI (OCIC.CA) inched up 0.9 percent to LE31.22 following EGA approval on its LE300 million bond issuance.
Prime Securities S.A.E.
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