Egyptian stock alert
CLOSING UPDATE: MM Group for Industry and International Trade keeps sliding: down 8.0% in 3 days 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).
MM Group for Industry and International Trade, Egypt's largest retailer company by market capitalisation, extended its slide on Thursday, shedding an additional 50.0 qirsh (or 3.0%) to trade at LE16.0. Trading volume was 52% of average at the end of the day. The shares have fallen LE1.40 (or 8.0%) over the past three trading days vs. the EGX 30 Index which has risen 1.9% in the same period.
Technical indicators complementing today's significant downtrend:
+ The price sank 5.3% in the last week and 5.3% in the last month.
Afternoon Alert: MM Group for Industry and International Trade drops 3.0%, leads Retail sector lower
14 June 2018 12:11 EET
MM Group for Industry and International Trade SAE (CA:MTIE) has dropped 3.0% to trade at LE16.0 vs. the Retail sector which weakened 215.5 points (or 2.4%) to 8,728.3. Representing a weighting of about 80.6% of the sector, the stock accounted for the loss. The shares have underperformed 97% of the market in the past week. Trading volume was 1.4 times average so far today.
MM Group for Industry and International Trade SAE (CA:MTIE; CAI:MTIE; EY:MTIE)