Egyptian stock alert
CLOSING UPDATE: Sinai Cement drops 2.1% - underperforming 81% of stocks 19 August 2018 15:05 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).
Sinai Cement, Egypt's 10th largest construction and materials company by market capitalisation, has dropped 23.0 qirsh (or 2.1%) today to trade at LE10.88 and has underperformed 81% of the market in the past week. Compared with the EGX 30 Index which fell 22.6 points (or 0.1%) in the day, this represented a relative price change of -1.9%.
Technical indicators complementing today's significant downtrend:
+ The negative 0.74 MACD (Moving Average Convergence Divergence) indicator suggests a bearish signal.
+ The 3.1% premium to 12-month low of LE10.55 against the 42.8% discount to high of LE19.01 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 tumbled 6.6% in the last week and plummeted 22.3% in the last month.
Afternoon Alert: Sinai Cement jumps 6.7%, leads Construction and materials sector higher
19 August 2018 12:10 EET
Sinai Cement Co SAE (CA:SCEM) has jumped 6.7% to trade at LE11.85 vs. the Construction and materials sector which strengthened 16.3 points (or 0.4%) to 4,413.9. Representing a weighting of about 3.6% of the sector, the stock accounted for 65.7% of today's gain. The shares have outperformed 89% of the market in the past week. Trading volume was 21% of average so far today.
Sinai Cement Co SAE (CA:SCEM; CAI:SCEM; EY:SCEM)