On Sunday, July 15, the market set off the week on a negative note, with the PAMI index shedding 150 points or 2.17 percent. The bears were decidedly in he driver’s seat yesterday as decliners overpowered advancers 5:1.
The telecom sector was hit again with Orascom Telecom falling 2.16 percent to LE22.62, while MobiNiL remained stable at LE60.01, refusing to break its LE60.0 key level.
Cement companies continued to lose ground on lack of news on Suez Cement’s EGA, concerning the approval of the 10.1 million capital increase. The stock shed 1.68 percent after an odd transaction of 1.5 million shares was executed. Helwan Cement and Sinai Cement dropped 1.78 percent and 168 percent, respectively.
Yesterday’s session was characterized by new lows as Media Production City touched a new low at LE10.02, Lakah Group at LE0.59 and El Ezz Steel Rebars at LE1.42. Gainers were found in the milling sector as Upper Egypt Mills, East Delta Mills and Central Egypt Mills squeezed out minor gains of 0.85 percent, 0.49 percent and 0.39 percent, respectively.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
