Egyptian stock alert
CLOSING UPDATE: Arabia Cotton Ginning decreases further 0.3%, led Personal and household products sector lower 14 June 2018 15:07 EET
NEWS BITES - MIDDLE EAST & NORTH AFRICA
This is an end of day Alert, produced after today's Egyptian market close. It concludes the BSS News Bites intra-day Alert series (summaries below).
Arabia Cotton Ginning, Egypt's 2nd largest personal and household products company by market capitalisation, has plummeted 49.1% to trade at LE2.85 vs. the Personal and household products sector which weakened 986.1 points (or 11.6%) to 7,548.2. Representing a weighting of about 10.5% of the sector, the stock accounted for 44.8% of today's loss. Trading volume was 3.5 times average at the end of the day. Compared with the EGX 30 Index which rose 42.6 points (or 0.3%) in the day, this represented a relative price change of -49.4%.
Technical indicators complementing today's significant downtrend:
+ The 3.3% premium to 12-month low of LE2.76 against the 59.5% discount to high of LE7.04 suggests the stock continues to push for new lows.
+ In the last three months the stock has hit a new 52-week low once.
+ The price plummeted 49.8% in the last week and 51.4% in the last month.
+ The present value of EGP1,000 invested one year ago is LE626 [vs LE1,201 for the EGX 30 Index].
In the last three months the stock has hit a new 52-week high four times, pointing to an uptrend.
Fundamental measures by comparison with the sector average [in brackets] indicate:
Dividend yield of 7% [0.8%]
Afternoon Alert: Arabia Cotton Ginning plummets 48.9%, leads Personal and household products sector lower
14 June 2018 12:11 EET
Arabia Cotton Ginning Co SAE (CA:ACGC) has plummeted 48.9% to trade at LE2.86 vs. the Personal and household products sector which weakened 732.2 points (or 8.6%) to 7,802.0. Representing a weighting of about 10.2% of the sector, the stock accounted for 58.3% of today's loss. Trading volume was 3.2 times average so far today.
Arabia Cotton Ginning Co SAE (CA:ACGC; CAI:ACGC; EY:ACGC)