Egypt market review-Sunday (13 May. 2007)
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By Omnia Abdel Razek
Today’s early trading witnessed a strong rebound from Thursday’s sell off; however the market couldn’t hold it long and kept dipping until mid session when it then started moving sideways with a modest upwards bias. CASE 30 Index closed 0.02 % up at 7630.7 points, it touched a high of 7662.58 points by 10:45 and went to its lowest midday point 7629.78 by 12:25.
Local and Arab investors were net sellers and accounted for market shares of 82.4 % and 10 % respectively, while foreign investors remained net buyers and accounted for a 7.6 % market share.
Turnover was rather weak on today’s session; the market traded 136 companies at LE 742,338,268; out of which CASE 30 companies accounted for LE 455,674,624 where 13 issues dropped, one remained flat, and the remaining closed in green.
On the winners’ list; El Ahli Investment and Development came ahead with 3.28 % to LE 16.70, Raya Holding for Technology and Communications advanced 2.92 % to LE 12.00. supported by news of acquisition offers; El Watany Bank of Egypt gained 2.48 % to LE 44.62, Egyptian Financial Group-Hermes Holding Company closed 1.89 5 up at LE 39.85, and Egyptian Media Production City advanced 1.78 % to LE 10.88.
On the other hand; Six of October Development & Investment (SODIC) dipped 6.20 % to LE 153.81, Orascom Hotels And Development declined 1.81 % to LE 55.20, ELSWEDY CABLES shed 1.01 % and closed at LE 56.87, Egyptian Company for Mobile Services (MobiNil) joined the red territory too with 0.96 % dip to LE 163.41, and Commercial International Bank (Egypt) dipped 0.71 % to LE 58.49.
On the turnover list; Six of October Development & Investment (SODIC) came ahead with LE 91,511,980, Egyptian for Tourism Resorts followed with LE 50,112,794 and it closed 1.16 % up at LE 10.43, Telecom Egypt traded LE 48,132,417 and it closed 0.62 % up at LE 17.99, Egyptian Financial Group-Hermes Holding Company ranked fourth with LE 43,467,511, and United Housing & Development ranked fifth with LE 20,992,708 and it gained 0.66 % to LE 22.75.
