CAIRO: The CASE 30 Index hit a life-high on Tuesday, as it experienced heightened trading activity after the holidays, gaining about 3.4 percent over the past six sessions. The Index rose by 1.1 percent to close above the 9,000 point threshold, reaching 9,055.07 points, on a high turnover of LE 1,603.9 million ($286.4 million).
The financial services sector constituents were all upward movers on Tuesday except for Al Watany Bank of Egypt, which shed 0.1 percent to close at LE 75.23 per share. Credit Agricole Egypt jumped 4.2 percent closing at LE 20.94. Export Development Bank of Egypt also moved forward by 4.1 percent and closed at LE 36.20 per share. EFG-Hermes gained 0.6 percent, on a high turnover of LE 146.1 million to close at LE 49.94 per share.
Big cap stocks, namely Orascom Telecom (OT) and Orascom Construction Industries(OCI) witnessed strong trading activity, too. OT rose 1.6 percent to close the day at LE 75.92 per share, grabbing the session’s highest turnover with LE 158.5 million, thus accounting for 9 percent of the market turnover. OCI inched up by 1.1 percent closing at LE 477.92 per share.
After breaking an all-time high, the bourse fell on Wednesday for the first time in seven consecutive sessions, as investors took profits on blue-chip shares. The Index fell slightly by 0.4 percent to close at 9,020.92 points, on a strong turnover of LE 1.4 billion ($251.6 million).
Shares of OCI — Egypt's largest construction firm by market value — experienced heavy profit-taking activities, shedding 3.1 to close at LE 463.30 per share. Shares of EFG-Hermes — Egypt's largest investment bank by market value — dropped 2.5 percent to close at LE 48.70 per share, on a high turnover of LE 141.4 million. EFG-Hermes grabbed 10 percent of the total market’s turnover on Wednesday.
Telecommunications conglomerate bucked the trend with OT rising by 2.2 percent to close the session at LE 77.55 per share, while MobiNil climbed by 1.9 percent to trade at LE 182.78 per share. MobiNil signed on Wednesday an agreement with the National Telecom Regulatory Authority (NTRA), granting it a 15-year 3G license for LE 3.34 billion ($602.8 million). The agreement stipulates that MobiNil first pay an undisclosed lump sum during October 2008 and then allocate the remaining balance in four installments, with the first payment starting by April 2008.
Raya Holding also soared by 2.7 percent to close at LE 13.14 per share. Telecom Egypt was the only negative mover in the sector losing 1.2 percent to close at LE 18.11 per share.
Profit-taking activities continued on Thursday, causing the bourse to further drop by 0.6 percent to close at 8,964.35 points, below the initial 9,000-point level.
Big cap stock OCI fell 2 percent to last trade at LE458 per share, while OT last traded 0.8 percent down at LE76.92 per share. EFG-Hermes also slipped 3 percent to end the session trading at LE47.60 per share. The three stocks further edged down affected by the fall in their global depository receipts (GDRs) in London. OCI's GDR in London fell 0.91 percent to $164, while OT's GDR lost 1.01 percent to $68.60, and EFG Hermes' GDR fell 0.28 percent to $17.70.
Bucking the trend was the cement sector which performed well, as investors were buying ahead of an auction to choose ten companies to build 14 new factories on October 25.
Shares of Misr Beni Suef Cement ended on top of market performers, soaring 11 percent to last trade at LE152 per share. National Cement climbed 10 percent to close at LE39.20 per share, while Tora Cement jumped 5 percent closing at LE133.75 per share.
