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EGX30 suffers biggest one-day loss in 3 months, down 3.38% on Tuesday
Released on - Tuesday,03 November , 2009 -16:29 54
Arab Finance: Egypt’s stock exchange benchmark “EGX 30 index” suffered the biggest one-day decline since 17 August (lost 3.47 %) and retreated by 3.38 % on Tuesday to close at 6,617.55 points; compared to 6,849.06 points in Monday session.
Market trade volume reached 123,652 transactions amounted to L.E 1,320,689.
Mobinil has declined 2.68 % today to conclude the session at L.E 204.34. Noting that, company net profit fell 8.1 % from a year earlier in the third quarter, when its market saw "very aggressive" price competition.
The country's largest mobile operator by subscribers reported a profit of 497 million Egyptian pounds ($90.8 million) in the third quarter, the low end of expectations from six analysts.
Mobinil added 1.771 million new customers in the quarter for 24.625 million by end-September, the firm said.
Oriental Weavers also dropped on Tuesday to close the session at L.E 31.29. CI Capital upgraded company stock target price to LE 40.5/share, with Buy recommendation from Hold.
CI Capital Also raised the company’s long-term fair value to LE 46.3/share and said its estimation is backed by Oriental Weavers’ 85% local market share; as it reported a sustainable 5% growth in both top line and earnings in 1H09.
Eastern Tobacco suffered significant losses today be dipping 6.20% today to end the session at L.E 118.03. CI Capital raised company target price to LE 155/share while increased LTFN by 14% to LE 155/share also.
Recommendation over company stock has been upgraded from Underweight to Buy implying 23% upside potential.
The brokerage explained that company’s operation proved its resilience to the prevailing economic slowdown through its sustained revenue growth. Margins improved YoY, based on a shift in the revenue mix towards high-margin brands.
Regarding Today Company’s performance, market's top 5 gainers in terms of turnover respectively were: TMG Holding ended lower by 3.32 % to close at LE 6.99, Orascom Constructions Industries retreated by 3.58 % to close at LE 246.14, Orascom Telecom also dipped by 3.29 % to close at LE 35.57, EFG-Hermes ended lower by 2.62 % to close at LE 30.81and AJWA for Food Industries Company declined by 5.08 % to close at LE 73.04.
Regarding market players’ performance:
Local Investors’ transactions were extremely prevailing as they made 86.55 % of total market deals. Foreign investors ranked in second place with 9.95 %, while Arab made the remaining 3.51 %.
Foreign Investors’ purchasing power was clearly proven during Tuesday’s session by its value amounted to L.E 65,868,907.
Arab Investors were also net buyers by the value of LE 15,708,398.
On the other hand, Local Investors chose to heavily sell their stocks to yield L.E 81,577,305.
Individuals’ activity dominated the market by an average of 55.69 %, compared to 44.30 %, which represented the Institutions’ activity.