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OCI leads Egypt's index, Juhayna recoups - Daily News Egypt

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OCI leads Egypt's index, Juhayna recoups

Builder and fertilizer-maker Orascom Construction Industries (OCI) rose 1.3 percent, pushing Egypt’s main index to a modest gain after it ended nearly flat in the two previous sessions. "Egypt’s index was boosted up by Orascom Construction Industries, regaining back its status as a safe haven and investor favorite," said Osama Mourad of Arab Finance Brokerage. …


Builder and fertilizer-maker Orascom Construction Industries (OCI) rose 1.3 percent, pushing Egypt’s main index to a modest gain after it ended nearly flat in the two previous sessions.

"Egypt’s index was boosted up by Orascom Construction Industries, regaining back its status as a safe haven and investor favorite," said Osama Mourad of Arab Finance Brokerage.

He said news that OCI’s 50-percent owned BESIX Group won an award to build a causeway in Bahrain has helped the shares gain.

Juice and dairy maker Juhayna gained 6 percent to close at LE 4.60 per share, after it slid 7.7 percent on its first day of trade on Tuesday.

"It (Juhayna) is trying to approach the IPO price, but it’s still failing to reach the IPO levels," Mourad said.

Orascom Telecom led the 30-company index by turnover, with more than LE 160 million worth of the stock changing hands in the session. The share price slipped 1.5 percent.

EFG-Hermes rose 0.2 percent to LE 29.75 per share after Goldman Sachs began coverage of the stock with a neutral rating and a price target of LE 37.10.

Citadel Capital shot up 7.4 percent to its highest close since May 18.

The EGX30 gained 1 percent to close at 6,348 points.

 

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https://www.dailynewsegypt.com/2010/06/16/oci-leads-egypts-index-juhayna-recoups/
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