KEY THEMES
Starting off the second day of this 4-day week which will be shortened by a holiday on Thursday, investors are looking for company-specific news that may help provide direction for the market. A case in point is the tourism stocks we mentioned yesterday, most of which ended the day higher. Indeed, three of the five stocks we recommended rose, namely Egyptian Resorts Co. [EGTS] (+6.6%), Remco for Touristic Villages [RTVC] (+6.2%), and Misr Hotels [MHOT] (+3.5%). The other two, Pyramisa Hotels [PHTV] and National Co. for Housing for Professional Syndicates [NHPS], are very illiquid and they ended the day unchanged. These stocks outperformed both EGX 30 and EGX 70 EWI; the former was almost unchanged, while the latter rose 2.4%. The reason of yesterday’s trip has so far been “business and pleasure”.