On Sunday, July 22, market sentiment proved mixed, with a weak start pushing the PAMI index down to touch a new low of 5930.2. Fortunately, bottom fishers soon emerged managing to lift the active index throughout the day to close at 6,073.0,up 1.5 percent.
The telecom sector was split as MobiNiL gained 2.64 percent, while OT touched a new low at LE18.07, finishing at LE18.21. The company’s GDS in London closed on Friday at $2.02, the equivalent of LE16.16.
The cement sector witnessed positive activity from Suez Cement and Torah Cement both managing to eke out gains of 1.86 percent and 0.44 percent, respectively. Meanwhile, Sinai Cement fell 3.0 percent to LE9.38, hitting a new low mid session at LE9.25.
Elsewhere, it has been rumored that a Portuguese company has withdrawn the memorandum for Helwan Cement’s 47.9 percent offered stake. The stock remained flat at LE27.05. Banking stocks were mixed with CIB and EAB up 0.39 percent and 5.0 percent, respectively. Meanwhile, MiBank and NSGB fell 3.35 percent and 3.58 percent, respectively.
Prime Securities S.A.E.
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