Egyptian stock alert
CLOSING UPDATE: Pioneers Holding keeps rising: up 11.8% in 3 days 19 October 2017 15:06 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).
Pioneers Holding, Egypt's 3rd largest financial services company by market capitalisation, extended its gains on Thursday, rising an additional 58.0 qirsh (or 6.8%) to trade at LE9.10. Trading volume was 3.0 times average at the end of the day. The shares have risen 96.0 qirsh (or 11.8%) over the past three trading days vs. the EGX 30 Index which has risen 1.4% in the same period.
Technical indicators complementing today's significant uptrend:
+ The positive 0.1 MACD (Moving Average Convergence Divergence) indicator suggests a bullish signal.
Pioneers Holding today is at a discount of 29.5% to the 12-month high of LE12.90 on 15 Jan, 2017. It is at a premium of 23.5% to the 12-month low of LE7.37 on 20 Aug, 2017.
The stock has underperformed 92% of the Egyptian market over the past 6 months.
In the last three months the stock has hit a new 52-week low twice.
Afternoon Alert: Pioneers Holding jumps 6.9%, leads Financial services sector higher
19 October 2017 12:12 EET
Pioneers Holding (CA:PIOH) has jumped 6.9% to trade at LE9.11 vs. the Financial services sector which strengthened 123.7 points (or 1.8%) to 7,198.0. Representing a weighting of about 9.1% of the sector, the stock accounted for 36.1% of today's gain. Trading volume was 4.1 times average so far today.
Pioneers Holding (CA:PIOH; CAI:PIOH; EY:PIOH)