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Egypt's stock market sees lowest turnover in a year

Main index falls 0.12 percent in a session that saw a turnover of only LE375.6 million, sparked by what an analyst says are the recent events in Iraq

Ahram Online, Monday 23 Jun 2014
Views: 1127
Views: 1127

Egypt's stock market witnessed its lowest turnover in a year, due in part to what an analyst says are fears that a Sunni-Shiite divide will escalate in the region.

The benchmark index EGX30 fell 0.12 percent to register 8,305 points in a session that saw a turnover of listed stock record a mere LE375.6 million.

"Minimal trading activity in the market is a sign of investors' reservations and concerns over the recent events in Iraq," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

Fathy echoed sentiments from newly-elected President Abdel-Fattah El-Sisi, who previously said that stability in the Gulf is directly related to Egypt's national security and thus possible conflicts there could influence the country.

Compared with the last year, however, when turnover levels surpassed LE1.3 billion at their peak, Monday's session was the "lowest" since 30 June 2013, Fathy said.

Non-Arab foreign investors were net buyers to the tune of LE36 million. Egyptian investors were net sellers for LE33.4 million.

The broader index EGX70 inched up 0.36 percent.

Six of October for Development and Investments Company (SODIC) increased 0.53 percent to stand at LE32 per share.

The company had announced it was holding an emergency meeting for its shareholders to discuss the possibility of issuing 250 million shares at LE4 per share to raise the company’s capital.

Palm Hills Development (PHD) and Talaat Mostafa Group (TMG) holding were also gainers in the real estate sector, rising 0.24 percent to LE4.15 per share and 0.57 percent to LE8.71 per share respectively.

In the telecom sector, Telecom Egypt (TE) was the only gainer in the EGX30, increasing 1.28 percent to LE13.4 per share.

Global Telecoms Holding (GTH) declined 0.74 percent to LE5.3 per share.

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