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Egypt hits year low, awaits Q2 results - Daily News Egypt

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Egypt hits year low, awaits Q2 results

  Egypt’s benchmark index dipped for the ninth day to a fresh year low, but volumes were thin ahead of second-quarter earnings and as US markets remained closed for the Independence Day holiday.   Blue chips were mixed, with Commercial International Bank sliding 2.2 percent and EFG-Hermes slipping 0.6 percent. Orascom Construction Industries (OCI), however, …


 

Egypt’s benchmark index dipped for the ninth day to a fresh year low, but volumes were thin ahead of second-quarter earnings and as US markets remained closed for the Independence Day holiday.

 

Blue chips were mixed, with Commercial International Bank sliding 2.2 percent and EFG-Hermes slipping 0.6 percent.

Orascom Construction Industries (OCI), however, reversed four days of losses to rise 3.5 percent, its biggest gain since May 26.

"OCI is up on interest in the name … and this can take the market up with it if it continues," says Teymour El-Derini of Naeem brokerage.

"Volumes are low, but people are seeing that stock prices are cheap so they are jumping in, but selling pressure is stronger."

Orascom Telecom rose 0.2 percent, and Telecom Egypt advanced 2.6 percent.

The EGX30 dipped 0.8 percent to 5,850 points, it lowest close since July 20, 2009.

 

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https://www.dailynewsegypt.com/2010/07/05/egypt-hits-year-low-awaits-q2-results/
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