On Thursday, February 8, the market stabilized with a slight downward bias. In the tourism sector, Orascom Hotel Holdings – OHH (ORHC.CA) continued its upward trend, rising nearly 4.74 percent to LE7.96 following news last week that the company would acquire its sister company Orascom for Projects & Touristic Development –OPTD (OPTD.CA) in a stock swap.
Likewise, OPTD fared even better, jumping 4.9 percent to LE10.48. Cement shares ended the session mixed. Suez Cement (SUCE.CA) continued to fall, dipping 2.08 percent to LE37.16 in low volume. Last week SUCE had announced strategic investor interest in the company. Torah Cement (TORA.CA) followed suit, losing 1.28 percent to LE32.35.
On the other hand, Sinai Cement (SCEM.CA) ended higher, closing up 1.59 percent at LE17.94. Telecoms MobiNiL (EMOB. CA) slipped 0.98 percent to LE74.14 while Orascom Telecom –OT (ORTE.CA) shed 1.3 percent to LE43.42.
Overall, the PAMI dipped 0.66 percent to 7,737.7 while the PIPO was off 0.03 percent to 1,803.8.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)
