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Stock index ends down, Pioneers pummeled - Daily News Egypt

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Stock index ends down, Pioneers pummeled

CAIRO: Pioneers Holdings plunged 7.7 percent, pounded by investors disappointed with the news that its plans to acquire investment bank Beltone Financial had collapsed. The merger with Beltone had been announced in November. Pioneers shares have fallen by more than half to LE 3.24 ($0.57) since the announcement of the all-share deal. The news added …


CAIRO: Pioneers Holdings plunged 7.7 percent, pounded by investors disappointed with the news that its plans to acquire investment bank Beltone Financial had collapsed.

The merger with Beltone had been announced in November. Pioneers shares have fallen by more than half to LE 3.24 ($0.57) since the announcement of the all-share deal.

The news added to negative sentiment on the overall market, where the benchmark index, EGX30, closed down 2.3 percent, the seventh session of falls in a row. Volumes were low, traders said.

"There has not been a single (piece of) positive news in the market recently and the global crisis is not subsiding. Investors are losing appetite," said Hashem Ghoneim from Pyramids Capital.

Stocks in the United States fell on Friday, closing their worst week in two months following disappointing jobs data.

Commercial International Bank (CIB) proved the biggest drag on the market, dropping 5.8 percent, followed by Orascom Construction Industries (OCI), which shed 3.7 percent.

"Stocks are cheap and there is money waiting on the sidelines but people are worried about jumping back in. We need an incentive," Ghoneim said.

The index ended at 5,896 points.

 

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https://www.dailynewsegypt.com/2010/07/04/stock-index-ends-down-pioneers-pummeled/
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