Experts expects CASE to maintain uptrend, foreign buys boost leading stocks

Experts expects CASE to maintain uptrend, foreign buys boost leading stocks
Wen 5 Mar 2008 3:41 PM




CASE 30 hit a record high today, adding 0.71% to close at 11401.3 pts, after trading 144 million shares at EGP 2.67 billion.

Foreign trading boosted market's record increase, dominating 20.3% of total trading with a buy-sell difference of approx EGP 184.364 million, unlike nationals who recorded around EGP 119 million sell-buy difference and Arabs who recorded EGP 64.897 million.

Leading stocks made a variable performance, as Orascom Construction Industries closed slightly up 0.44% at EGP 677.32, while Orascom Telecom Holding (OTH) shed 0.09% to finish at EGP 79.79.

Commercial International Bank (CIB) hit its highest record since listing, rising once again by 1.79% to end at EGP 95.98, after trading 1.283 million shares, 168.66% higher than average weekly trading volume.

Mohammed Radwan, financial analyst at Pharos Securities, said CIB and OCI increase was backed by foreign purchases.

Remco for Touristic Villages Construction and Delta Sugar Co. stocks resumed trading after being suspended for 10 days. It closed 21.82% up at EGP 23; marking CASE 3rd advancer, whereas Delta Sugar rose 20% to finish at EGP 52.78.

Mills stocks make robust performance, hit record highs

Mills companies hit record highs, led by Middle and West Delta Flour Mills that gained 25.59% to close at EGP 45, after 500 shares were traded in a single transaction. After this deal, trading on the stock was suspended till session close, pushing it 98.88% lower than weekly average. The increase came in line with company's announcement of selling a EGP 8 million land plot.

Alexandria Mills and Bakeries Co. came 2nd, shutting 23.02% up at EGP 27.52, after trading 7370 shares, 306.31% higher than weekly average.

Radwan added that investors eyed Banking and Mill sectors, after divesting from Fertilizer and Textile. He attributed this move to global price increase of food commodities, pushing Food sector up.

Radwan expected CASE to maintain its upward trend on European markets’ rebound, driving CASE 30 to the 12.000-point level that will likely be its ST target.

Some Fertilizer stocks also retreated, after investors executed sale transactions, seeking profit-taking after the stocks hit record highs yesterday, Radwan added