Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Weekly stock review
Published in Daily News Egypt on 25 - 07 - 2008

CAIRO: The market strongly zigzagged this week, reversing trends almost on a daily basis. As several stocks fell to cheap levels over the past weeks, investors grabbed stocks they deemed a bargain relative to earnings expectations.
Overall, Egypt s benchmark CASE 30 Index gained 0.28 percent to end the week at 9,382 points.
The market closed in the green on Sunday, rising 1.3 percent to 9,475.17 points on a low turnover of LE 0.8 billion ($148.2 million), mainly pulled up by shares of Orascom Telecom (OT).
Shares of Egypt s largest mobile operator by market value surged 4.2 percent to LE 60.91, as investors deemed them cheap. The stock fell nearly7 percent the previous week.
Shares of OT are trading at 12.08 times expected 2008 earnings, compared to a Middle East sector average of 12.56 times earnings, according to Reuters data. The company offered to buy back its own shares twice this year at LE 83 per share, saying it had a large cash surplus that exceeded investment opportunities.
Shares of sister company Orascom Construction Industries (OCI) also soared 2.4 percent to LE 405.32 on a turnover of LE 49.3 million, as investors were trying to take advantage of valuations after the stock fell to attractive levels.
Ahead of the summer construction boom, shares of real estate developers also performed well. Shares of Sixth of October Development and Investment (SODIC) led gains in the real estate sector and surged 6.8 percent to LE 141.74. Shares of Nasr City Housing gained 1.9 percent to LE 47.52.
The market reversed its uptrend on Monday, with the index slipping 1.3 percent to 9,350.91 points on a turnover of LE 1 billion ($186.4 million).
Shares of Egyptian developer Talaat Moustafa Group posted Monday their sharpest single-day drop in almost three weeks on concerns of lower profits. The stock lost 3.7 percent to LE 8 - its lowest share price since the company sold shares in an initial public offering last year.
Construction conglomerate OCI also closed in the red, sinking 2.9 percent to LE 393.58 on a turnover of LE 55.2 million, while shares of OT declined 0.9 percent to LE 59.41.
Meanwhile, shares of El-Ezz Steel bucked the trend and nudged 3.2 higher to LE 76.58 after its share price fell to cheap levels relative to the market.
The stock is trading at 7.62 times expected 2008 earnings, according to
Reuters data.
The market extended declines on Tuesday, pulled to its lowest close in eight months, as investors sold in property firm shares. The index dipped 0.5 percent to 9,302.39 points on a turnover of LE 872.2 million ($164.3 million).
Shares of SODIC led declines this time, falling for the second straight session. The stock plummeted 4.5 percent to LE 130.68. Shares of Cairo Housing lost 4.9 percent to LE 7.90, while Nasr City Housing saw its shares shed 2.2 percent to LE 46.15.
On the green side of the market, shares of OT climbed 0.7 percent to LE 59.85 on a strong turnover of LE 70.6 million. Shares of the regional mobile operator were boosted by news it was part of a consortium chosen to create a new Canadian wireless operator.
Shares of the firm are trading at 12.27 times estimated 2008 earnings, compared to a Middle East sector average of 12.66 times, according to Reuters data.
Shares of OCI moved 0.2 percent higher to LE 394.43 on a turnover of LE 46.8 million, while Al Ezz Steel gained 0.2 percent to LE 76.75 after HSBC started coverage of the firm with a price target of LE 119.
The market rebounded on Thursday lifted by shares of EFG-Hermes that also fell to cheap levels over the past weeks. The index gained 0.9 percent to 9,382.51 points.
Shares of Egypt s largest investment bank by market value - down 31 percent this year to Tuesday s close - soared 6.6 percent to last trade at LE 48.50. The stock recovered on Thursday after it was hit by strong selling activities that knocked it to attractive buying levels.
Shares of Commercial International Bank (CIB) - Egypt s largest lender by market value - rose 1.7 percent to LE 76.24, as its valuations attracted investors.


Clic here to read the story from its source.