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Egypt's stock market virtually unchanged - Daily News Egypt

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Egypt’s stock market virtually unchanged

CAIRO: Egyptian shares were mixed on Thursday, with Eastern Company gaining after it said it planned to increase its capital and Alexandria Mineral Oils falling after the company denied a report on Wednesday it planned a rights issue. The benchmark index was virtually unchanged, losing only a single point as investors remain reluctant to take …


CAIRO: Egyptian shares were mixed on Thursday, with Eastern Company gaining after it said it planned to increase its capital and Alexandria Mineral Oils falling after the company denied a report on Wednesday it planned a rights issue.

The benchmark index was virtually unchanged, losing only a single point as investors remain reluctant to take positions because of uncertainty, traders said.

"People are afraid to invest money because of the uncertain outlook and are hesitant to sell, which is natural at the end of the year," said Noha Al-Shahed of Cairo Capital Securities.

AMOC slumped 3.7 percent. On Wednesday it rose 3.8 percent after Al-Mal newspaper reported that it may tender for preparatory work on a new $680 million refining plant and was about to issue a tender would ask permission from the stock exchange for a rights issue.

"We want to make it known that this news is incorrect and was not issued by any official source in the company," AMOC Chairman Mohamed Negm said in a letter released by the stock exchange. He said the plant was still in the early planning stage.

Cigarette monopoly Eastern Company gained 0.3 percent after its board said it had sought approval to double its capital by distributing free shares.

Ezz Steel lost 1.7 percent after reporting that its net profit for the first half of 2011 dropped 79 percent. 

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