Market Report: Egypt stocks in red on Ramadan's calm session

Bassem Abo Alabass, Tuesday 16 Aug 2011

Bourse loses its 0.4 per cent gain of yesterday, while Mobinil comes out as one of the day's best performers with a 2.3 per cent gain in its stock price

Egypt Stock Exchange
(Photo: Reuters)

Egypt’s bourse benchmark EGX30 ended Tuesday’s session down by 0.4 per cent, the entire gain it made on Monday. It recorded 4.642.46 points: one of Ramadan’s calm days.

Ashraf Abdel Aziz, head of institutions sales at Arabia Online Securities, stated the reason was blue chips performances.

Of 177 listed stocks, 123 declined and only 42 gained. The session saw a low turnover of LE283.1 million.

Egyptians are the only net-sellers, at LE39.3 million while the foreigners and Arabs are net-buyers with LE7.5 million and LE32 million respectively.

“Major European and US markets all rise, so foreign sentiment is up,” Abdel-Aziz comments.

All sectors slide with only two in the safe-area: basic resources and banks.

The green sectors led by heavyweight shares have climbed, as Commercial International Bank rose by 0.7 per cent and Ezz Steel jumped up by 2.4 per cent.

Mobinil and Palm Hills are among the elevated blue chips with a rise of 2.3 and 0.5 per cent respectively. “Mobinil is one of the best performers, offsetting its plunge in previous weeks” Abdel-Aziz says.

The new EGX30 listed Alexandria Mineral Oil Company shares, which slightly climbed by 0.1 per cent achieving the highest turnover in the session with LE 35.5 million.

“There was a transaction of cross-trading of 300,000 AMOC shares, which lifted up the turnover,” he adds.

On the other hand Sinai Cement joined the top losers list after dropping 9 per cent. It is a “normal slip on the back of cash dividends in the last session” Abdel-Aziz explains.

Orascom Development Holding dips by 3 per cent after slumping to a loss in the first half of 2011. It had been hit by the economic disruption caused by the country's popular uprising and the strengthening of its main currency, the Swiss franc, the firm said on Tuesday.

Swiss-listed Orascom, known mostly for building luxury resorts, posted a net loss of 13.7 million Swiss francs compared to a profit of 50.9 million a year earlier. Revenues tumbled 62 per cent to 107 million francs.

The rest of Orascom’s companions suffer losses as OT and OCI decline by 0.3 and 0.5 per cent, respectively.

SODIC and TMG turn down with 1 and 0.2 per cent.

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