Investors Continue To ‘Wait-and-see” Amid EGX’s Wednesday Trading: Pharos
Published Wednesday, 18 July 2012 19:05 | Written by Amwal Al Ghad
Pharos Research pointed out in its post session commentary report that today’s session lacked any noticeable luster and buying appetite across the board, as investors continue to await the formation of the new government, or at least the appointment of the much-anticipated prime minister, which has been postponed several times.
Both indexes’ performance seemed listless (EGX30 0.0%, EGX70 +0.2%), as well as on turnover which dropped to only half of that recorded last session, the report issuer noted.
Bellwether Orascom Construction Industries OCI (OCIC:CA) provided support to the index for the second consecutive session, as it added a further 0.7%. Talaat Moustafa Group - TMG (TMGH:CA)continued to further advance, closing up 1.0% at the end of the session. This comes after the company sent out a release in response to the recent recommendation by the state judicial council with regard to its Madinaty land-plot. Palms Hills Development PHD (PHDC:CA) and the Six of October Development and Investment Company (SODIC.CA) followed suit and jumped up 1.5% and 2.9%, respectively.
Orascom Telecom Media & Technology Holding - OTMT (OTMT:CA) and TE gave up their recent gains and ended on respective losses of 0.2% and 2.4%. CIB (COMI:CA) also weighed on the benchmark index as it shed 0.4%.
Alexandria Mineral Oils Company – AMOC (AMOC:CA) underperformed the market and slipped 0.3%. Earlier in the day, the company’s board of directors proposed a dividend of EGP 7.0 per share on FY2012 profits, which came in at EGP 1.06 billion, the report concluded.