| From the Floor | | Market Report & Researches
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EGX 30 index eroded early gains and retreated by 0.17% on to close at 6,667.28 points; compared to 6,678.35 points
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Market trade volume reached 115,185,926 transactions amounted to L.E 1,371,846,732.
Mobinil gained 0.65% to conclude today session at L.E 219,73, Telecom Egypt slightly lost 0.06% to conclude today session at L.E 17.98 while Orascom Telecom gained 1.46% to conclude today session at L.E 34.90.
Morgan Stanley cut Mobinil rating to underweight from equal-weight.
On the other hand, Morgan Stanley upgraded both Orascom Telecom and Telecom Egypt price target to $33.5 from $30; rating underweight and LE 22.5 from LE 22; rating equal-weight respectively.
Pioneers Holding increased 0.90% to conclude today session at L.E 6.69. Company BOD set cash dividends distribution date on 27/10/2009 (shareholders of 22/10/2009 are entitled to that distribution).
Moreover, company BOD approved to cancel acquisition deal over the Moroccan company due to non-commitment of the Moroccan party and assigning investment committee to examine possible alternatives.
AJWA for Food Industries decreased 1.75% to conclude today session at L.E 85.70.Mahmoud El-Sayed, Financial and Administrative Manager at AJWA asserted that his company is continuing its compliance procedures after obtaining approval from Financial Supervisory Authority on 5/8/2009.
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