Cairo shares end mixed, EAB in focus

22 Mar, 2004

Egyptian shares ended mixed on Sunday in low volumes, traders said, but Egyptian American Bank (EAB) posted 2003 net profit double the previous year, boosting its shares.
The benchmark Hermes index slipped 0.3 percent, or 43.58 points, to 13,420.46 points. The broader CIBC index was last quoted 0.19 points higher at 84.52 points.
Traders said Media Production City, the day's most traded stock by volume, fell ahead of the release of its full-year results, which are not expected to be very strong.
"They have never been a fundamentally very strong stock and their results are not expected to be good... but this is no surprise to the market," said Chahir Hessni, portfolio manager at Delta Securities.
The share fell 4.9 percent, or 0.84 Egyptian pounds ($0.14), to last trade at 16.42 pounds and officially close at 16.62.
Traders also said EAB's full-year results published on Sunday revealed a net profit of 102.53 million Egyptian pounds, double the year before, which boosted its shares.
The share was the highest percentage and net gainer on the Egyptian bourse, leaping 11 percent to last trade at 48.25 pounds and officially close at 47.47 pounds.

Read Comments