CASE30 finishes 1.2% up at over EGP 2 बलं Tus 19 Feb 2008 3:43 PM

CASE30 finishes 1.2% up at over EGP 2 bln
Tus 19 Feb 2008 3:43 PM




CASE 30 Index finished today's session 1.2 % up, adding 126 points to close at 10601 pts; its highest since Jan. 20th. 168 stocks were traded, at 111.23 million shares volume and over EGP 2.2 billion value, through 65.64 thousand transactions.

Construction sector boosted trading value, dominating 28.89% or EGP 642 million, led by Orascom Construction Industries (OCI), whose trading value exceeded EGP 412.09 million, or 18.46% to increase 0.58% and close at EGP 593.48.

Upper Egypt General Contracting increased 14.01% with EGP 101.66 million trading value to close at EGP 11.88, retreating from EGP 12.65, an intraday high.

South Valley Cement rose 4.74% to EGP 62.47 million to close at EGP 19.24. These 3 stocks controlled 89.75% of the sector’s trading value.

Orascom Telecom Holding (OTH) was 2.57% higher to EGP 82.4 with a trading value of EGP 177.35, dominating 7.94% of total value.

Osoul Brokerage CEO, Moustafa Badrah, said that OTC was traded heavily by foreigners, pushing CASE30 more than 100 pts north.

OCI rose after HC Brokerage had defined its target price at EGP 692.31 saying that OCI is able to proceed with success in fertilizers sector as it was in cement, benefiting from using low-priced natural gas, provided by the Egyptian and Algerian governments. This will be reflected positively on OCI financial performance.

Badrah added that CASE30 succeeded in breaking 10500 points that technical analysts considered as a solid resistance point, meaning that trading volumes are heading north and the key players continue leading. He warned against forecasted rapid profit-taking during the next days, indicating that traders anticipate corrective trends going in line with the market rise.
Premiere Brokerage CEO, Mohamed Assran, said the uptrend reflects optimism in Arab and global markets. The new liquidity, injected recently by Arabs and foreigners, helped trading values rebound, breaking EGP 2 billion and regaining confidence on CASE, he indicated.

He expected waves of profit after recent rises in CASE30.

Oriental Weavers to unveil new plant details by Feb-end

Oriental Weavers to unveil new plant details by Feb-end
Mon 18 Feb 2008 1:53 PM




Related Links
Oriental Weavers


Oriental Weavers stated today it will announce detailed plan to establish a new factory on a 190.000 sq m land plot by the end of February 2008.

The company had announced on Jan. 20th establishing the factory at 10th of Ramadan City to produce carpets with top-notch technology. First phase of the project is valued at $50 million, while phase two will cost $40 million. The new plant is slated to start production within 12 months.

An EFG-Hermes report valuated Oriental Weavers stock price target at EGP 63.1 per share, or 28% higher than current market value. Stock fair value is set using the discounted cash flow (DCF) method. Metro Brokerage put the stock fair value at EGP 73.

CASE 30 closes today’s session at 1.31% up Mon 18 Feb 2008 3:23 PM

CASE 30 closes today’s session at 1.31% up
Mon 18 Feb 2008 3:23 PM




CASE 30 rose 1.31% at today’s session close to 10476 points, as 9.4 million shares were traded at over EGP 1.8 billion trading value, excluding the transaction of over EGP 3.68 billion executed on Egyptian Container Handling Company. 82.1% of the market’s total trading was dominated by institutions and 17.9% by retailers; Arabs controlled 39% of total trading.

Commercial International Bank (CIB) was the most active by trading value, as it dominated 7.7% of total trading value, or 0.16% up, to close at EGP 91.25. It was followed by EFG-Hermes that controlled 6.9%, thus rising 2.56% to finish at EGP 62.59 a share.

Telecom stocks witnessed relative increases; Orascom Telecom Holding (OTH) rose 1.83% to end the day at EGP 80.57 and Telecom Egypt at 1.32% to close at EGP 21.44. Egyptian Company for Mobile Services (Mobinil) rose 2.25% to finish at EGP 217.85.

Al-Ahleia Investment led advancers, jumping 20.1% to EGP 93.40, at 3799 shares trading volume and over EGP 354.846 thousand. International Company for Investment & Development came second, rising 14.08% to EGP 208.94.

Egyptian Chemical Industries (KIMA) topped decliners, retreating 7.32% to close at EGP 151.58, after 7606 shares were traded at EGP 1.15 million. It was followed by Mansourah Poultry that fell 7.7% to finish at EGP 33.54.

Commenting on today’s performance, Alaa Abdulhalim, United Group Securities CEO, said that the market witnessed solid activity, boosted by the EGP 3.6 billion transaction executed by Dubai Ports World (DP World). Besides, there has been a tangible turnout by investors for buying some medium-scale companies such as Upper Egypt General Contracting Co (UEGC) and Remco for Touristic Villages Construction, while key players took back seats. He pointed out that there is still an upward trend on the short and long run.

18