Dec 16 2005 |
more articles from
|
Telecom Egypt's Shares Drop on Second Trading Day after a Profit-Taking Spree
Cairo (APD) - A profit-taking spree in the newly-traded shares of Egypt's fixed-line provider Telecom Egypt (TE) pulled down Egypt's bourse by the end of Thursday's trading session, analysts said.Egypt's benchmark Hermes Index dropped almost 1% to close Thursday at 52,416.720 points. Shares in TE dropped 3.26% to last trade at LE 21.38 on its second day of trading, recording LE 457 million in turnover.
"Investors grasped the opportunity to sell today after the shares soared in its first trading session on Wednesday," explained Walaa Hazem, an associate at Cairo-based HC Securities.
On Thursday, shares in TE recorded a high of LE 22.79 during the trading session. "The stock's opening price on the first day was LE 15.15 per share, so when they sold today it was still a good profit to make," Hazem said. "The huge demand and the rush for TE shares that we witnessed Wednesday boosted the share's price but prices are going down to their fair value," he added.
TE shares jumped as much as 62% in their trading debut on Wednesday to last trade at LE 22, beating analysts' expectations that the shares would soar only 15% in the first trading session.
Mahmoud Mohieddin, Egypt's minister of investments, told reporters Wednesday that selling stakes in state-owned enterprises generated revenues of LE 9.1 billion during July-December period, out of which LE 5.1 billion were generated by the 20% IPO in TE. [FC]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment