CAIRO: Following an upward trend led by Orascom Construction Industries (OCI) on Tuesday, the stock market dipped 0.01 percent on Wednesday on a strong turnover of LE 3.53 billion.
Due to holidays, the Cairo and Alexandria Stock Exchange (CASE), like most business, was only open for two days.
The stock market opened the week on Tuesday, with the CASE30 Index gaining 0.4 percent to 11,787.49 points on a moderate turnover of LE1.68 billion ($311.92 million).
Shares of index heavyweight Orascom Construction Industries (OCI) recorded the day’s highest turnover of LE 140.11 million. The stock closed the day 0.1 percent higher to LE 443.99.
Sister company Orascom Telecom (OT) also closed in the green, rising 0.74 percent to LE 81.71 on a strong turnover of LE 86.79. Both stocks together constitute around 50 percent of the CASE30 index.
Housing stocks also performed well ahead of real estate developer Palm Hills Development’s initial public offering (IPO). Shares of Talaat Moustafa Group (TMG) increased 0.64 percent and closed at LE 11.08 on a turnover of LE 17.64 million. Nasr City Housing edged 0.52 percent up at LE 77.08 on a turnover of LE 23.34 million, while Heliopolis Housing gained 1.9 percent to close at LE 531.28 per share.
Banking sector constituents posted gains across the board on anticipations that state-owned Banque Du Caire could fetch a high price at an auction in May. Shares of Commercial International Bank (CIB), Egypt s largest by market value, climbed 1.57 percent to LE 90.63 on a turnover of LE 25 million. Investment bank EFG-Hermes strengthened 0.29 percent to LE 55.93 on the day’s second highest turnover of LE 104.91 million.
El-Ezz Steel Rebars extended gains, rising 1.59 percent at LE 93.01 per share on a turnover of LE 40.98 million. The Mills sector topped the best performers list, with three of its companies taking up the top three places, though on weak turnover. North Cairo Mills moved 4.9 percent higher to LE 54.10, while East Delta Flour Mills surged 4.6 percent to LE 49.98. South Cairo and Giza Mills closed the day at LE95.90, with a rise of 4.5 percent.
Mid and small caps also closed in the green, with Arab Polivara Spinning and Weaving jumping 4.48 percent at LE 12.12 on a turnover of LE 43.39 million. Nile Cotton Ginning rose 0.3 percent to LE 36.66 on a turnover of LE 14.79 million.
Shares of Orascom Hotel and Development (OHD) bucked the trend, plunging 4.21 percent to LE 85.69, with the third highest turnover for the day of LE 102.94 million.
The index dipped 0.01 percent on Wednesday to close at 11,787 points, on a strong turnover of LE 3.53 billion ($660 million), pushed down by construction conglomerate OCI.
Shares of Egypt s largest builder OCI hit resistance at LE 440.65, sinking 0.75 percent on trading worth LE 66.45 million. Other big caps recorded losses, hit by two IPOs that are coming up.
Palm Hills said on Wednesday it would begin trading on the main London and Egyptian exchanges on May 8 after pricing its $201.3 million IPO. Egyptian oil support company Maridive and Oil Services is also seeking to raise up to $278 million, with trading expected to begin around May 5.
Blue chip OT fell for the first time in three sessions, slipping 0.24 percent with a turnover of LE33.88 million to end the day at LE 81.51. Shares of EFG-Hermes tumbled 0.84 percent to LE 55.46 with a turnover of LE 82.36 million, while CIB shed 0.17 percent at LE 90.48 on a turnover of LE 26.01 million.
Shares of OHD plummeted for the second consecutive day, losing 1.12 percent at LE 84.73 on the day’s second highest turnover of LE159.64 million.
Bucking the downtrend were shares of El Ezz Steel Rebars which extended gains for the third day in a row, gaining 2.61 percent to end trading at LE 95.44. Shares of Telecom Egypt, the country’s only state-owned fixed-line operator, rose 2.39 percent at LE 19.71 on the third highest turnover of LE 140.73 million.
