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Egypt's indices slip amid weak turnover

EGX30 down 0.66 percent and EGX70 sheds 0.36 percent as daily turnover registers LE312 million as week three of Ramadan opens

Ahram Online, Sunday 13 Jul 2014
Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo August 11, 2011 (Photo: Reuters)
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Egypt's indices quietly slid on Sunday, in a session marked by low turnover at the start of the third week of the Islamic holy month of Ramadan.

Daily turnover of listed stocks dropped to LE312 million as the main EGX30 index fell 0.66 percent to sit at 8,401 points.

The broader EGX70 index shed 0.36 percent.

Egyptians were net-buyers to the tune of LE8.9 million, while non-Arab foreign investors, who accounted for 15 percent of market activity, were net-sellers for LE7.8 million.

The majority of EGX30's shares were down.

Commercial International Bank (CIB) fell 0.91 percent to close at LE37.03.

In the real estate sector, Palm Hills Development Company slid 1.44 percent to trade at LE4.11 a share, TMG Holding slid 1.1 percent to LE8.97 and Six of October Development and Investment (SODIC) shed 0.89 percent to close at LE36.68.

Orascom Telecom Media and Technology Holding fell 1.6 percent to LE1.23, Global Telecom Holding lost 0.76 percent to close at LE5.20, while Telecom Egypt (TE) rose 0.15 percent to LE13.38.

EFG-Hermes, which has seen its share price decline since a tender offer on 20 percent of its shares at LE16 per share fell through last week, was back in the green on Sunday, up 0.48 percent to LE14.69.

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