On Tuesday, January 9, the market slipped slightly lower in mixed trading. Although a number of rumors were floating around yesterday, their impact on trading was limited. GSM heavyweight MobiNiL (EMOB.CA) was initially trading limit up following rumors that the company was planning to issue a stock dividend. However, MobiNiL ended only 1.59 percent higher at LE71.49.
Orascom Telecom – OT (ORTE.CA) seemed unaffected by the news, closing 2.02 percent off at LE46.48. Lakah Group (HCFI.CA) traded nearly limit down following news that a court ruled Ramy Lakah’s election to parliament was unconstitutional. The stock closed at LE2.31. Cement stocks faced downward pressure, as Helwan Cement (HELW.CA), National Cement (NCEM.CA) and Suez Cement (SUCE.CA) finished the session lower, dropping 0.48 percent, 2.66 percent and 2.95 percent, respectively, to close at LE37.72, LE12.07 and LE33.17. Overall, the PAMI shed 0.75 percent to 7,641.6 while the PIPO dipped 0.84 percent to close at 1,763.9.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
