Cairo – Mubasher: Elsewedy Electric registered the highest mark since 2009 by 12:40am Cairo time after its 100% owned unit Power System Projects signed an SAR 80 million contract (EGP 189 million) in Saudi Arabia.

The stock rose more than 1% to EGP 51 per share, recording a turnover of EGP 4.6 million after 90,000 shares changed hands.

Thus, the stock is moving upwards, hitting the highest level since 22 September 2009, said Mohamed Ismail, technical analyst at Golden Hand securities.

“Elsewedy's stock is likely to see a wave of profit-taking, which will push it lower to the levels of EGP 48.50 and EGP 46.90”, the analyst added.

Traders are advised to make use of this decline in building buying positions, the analysts concluded.