Cements crumble on price news

Cements crumble on price news
Published: 13 August 2004

A report that Egypt’s government was looking into recent cement price rises dragged down the price of some cement stocks on an Egyptian bourse which was broadly unchanged on Thursday, traders said.

A report in al-Alam al-Youm newspaper that Foreign Trade and Industry Minister Rashid Mohamed Rashid met cement producers to discuss price rises fuelled some speculation the government may put pressure on producers to cut prices, one trader said. Tourah Portland Cement and Sinai Cement were  among the cement stocks to fall. Sinai Cement last traded down 2.8 percent at 19.00 Egyptian pounds ($3.06) with an official close of 19.07 pounds.