On Tuesday, July 10, the market backpedaled, trading slightly lower on light volumes, after market bellwether MobiNiL released expected earnings of LE110.0 million for its 1H FY01. The PAMI index fell 60 points, 0.9 percent while the broader PIPO index fell 0.72 percent.
MobiNil was not a market favorite yesterday as the stock traded heavily on the LE62.0 level, and ended the session 0.53 percent down at LE61.91. Regional operator OT suffered as a result of its 1Q FY01 LE32.8 million loss, announced last night, as investors dumped the stock at the beginning of the session to leave it ending limit down at LE23.94.
Cement activity was in the red yesterday with blue chip Suez Cement, Helwan Cement and Sinai Cement all falling 1.37 percent, 1.39 percent and 4.10 percent, respectively. Al Ahram Beverages appeared to run out of fuel as the stock fell 3.72 percent, with disappearing bids by mid session.
The financial sector felt the drop too, as CIB and MiBank fell 0.25 percent and 1.13 percent, respectively.
Prime Securities S.A.E.
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