On Thursday, July 19, the market ended the week on a negative note with the active PAMI Index, falling 1.12 percent to 5,982.4 approaching its year low.
Cement stocks lost ground as Helwan Cement fell 3.08 percent to LE27.08 and Sinai Cement fell 4.64 percent to touch a new low of LE9.67. Blue chip Suez Cement, however, managed to buck the sector trend, to squeeze out a 0.15 percent gain.
Elsewhere, the housing sector fell, with Cairo H&D and El Shams H&D dropping 4.17 percent and 3.65 percent, respectively. Meanwhile, Nasr City H&D swam against the tide, to advance 3.05 percent to LE20.27, with disappearing asks by mid session. The financial sector remained stable in light of the sell off that swept the market, as CIB edged up 0.43 percent and NSGB rose 4.16 percent.
Meanwhile, EAB, rumored on the market to be finalizing the sale of a majority stake of its shares next week, saw investors rush to acquire the stock, with bids piling up and asks disappearing. The stock
however, ended the session 0.44 percent down at LE42.64.
Prime Securities S.A.E.
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