On Wednesday, February 28, the market ran out of steam after the previous day’s rebound. Volumes remained light in the absence of market moving developments. The top gainer for the session was unsurprisingly Al-Ahram Beverages Company –ABC (PYBR.CA), which jumped nearly limit up to LE49.87 following release of full-year 2000 results, which showed a 10 percent increase in net income to LE112.9 million.
News of ABC’s acquisition of El Gouna Beverages from Orascom for Projects & Touristic Development – OPTD (OPTD.CA) also contributed to positive market sentiment surrounding the company. OPTD posted a respectable gain of 3.17 percent to LE8.78.
Elsewhere, blue-chip stocks faced downward pressure. Commercial International Bank –CIB (COMI.CA) fell 1.75 percent to LE35.30 despite its release of better than expected earnings. Telecoms ended mixed, as MobiNiL (EMOB. CA) rose 1.15 percent to LE65.95 while Orascom Telecom –OT (ORTE.CA) fell 4.61 percent to LE34.53.
Overall, the PAMI slipped 1.18 percent to 6,880.9 while the PIPO was off a mere 0.03 percent to 1,673.8.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
