Middle East worries, short session hamper Cairo bourse

19 Apr, 2004

Technical problems in Egypt's stock market dampened an upward trend on the bourse on Sunday, on a quiet day with many foreign markets closed, traders said.
The benchmark Hermes index slipped 65.26 points, or 0.4 percent, to be last quoted at 15,241.35. The broader CIBC index edged up 0.2 percent to 94.54 points.
The session open was delayed by about two hours by a technical fault, dealers said, prompting a slight selling panic when trading resumed, fuelled by jitters in the region after Israel's assassination of the militant Palestinian group Hamas's Gaza leader, Abdel-Aziz al-Rantissi.
Hassanein said Egypt Gas rose on Sunday as investors saw the gas sector as a hardy and promising one for Egypt that attracted lots of foreign investment and could generate foreign currency with exports.
The share last traded up 7.62 Egyptian pounds ($1.23), or five percent, at 160.08 to officially close at 159.07 pounds.
Medinet Nasr Housing was the day's highest percentage gainer and last traded up 15.3 percent, or 5.83 pounds, at 44 pounds. It officially closed at 43.22 pounds.

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