Last Update 14:3
Wednesday, 18 September 2019

Egypt's main index edges down on profit taking

Ahram Online , Sunday 20 Mar 2016
Views: 1164
Views: 1164

Egypt's main index inched down on Sunday, in a sign of profit taking after a week of gains driven by the devaluation of the pound to close the gap between the official and unofficial exchange rates, says analyst.

Benchmark index, EGX30, fell 0.26 percent to 7,465 points and stock turnover amounted to EGP 1 billion.

"Egyptian investors are expectedly making profits," Ihab Saied, head of research at Cairo-based Osool for securities brokerage, told Ahram Online.

With 60 percent of trade, Egyptians were net sellers to the tune of EGP 750 million while non-Arab foreign investors were net buyers to the tune of EGP 616 million.

Foreign investors have been net buyers in the stock market since the central bank of Egypt devalued the pound by 14 percent last week in the hope of closing the gap between the official and unofficial exchange rates, said Saied.

Arab and other foreign investors had been unable to make up for the losses incurred due to the exchange rate gap, he added.

Blue chip, Commercial International Bank (CIB), inched up 0.67 percent to EGP 40.03 per share.

The Egyptian financial Group - Hermes, a leading investment bank, lost 4.36 percent of its share price to EGP 10.12 per share.

Orascom Telecom Media and Technology Holding (OTMT) fell 1.41 percent to EGP 0.69 per share while real estate developer, Six of October for Development and Investment Company SODIC gained 5.96 percent to EGP 10.5 per share.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.