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Egypt's stocks down Monday despite telecom ascent

Ahram Online , Monday 30 May 2016
A trader works at the Egyptian stock exchange in Cairo November 19, 2014 (Reuters)
A trader works at the Egyptian stock exchange in Cairo November 19, 2014 (Reuters)
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Egypt’s stocks continued a downturn on Monday in the week’s second trading that saw local investors as the only net buyers.

The market’s benchmark EGX30 slipped 0.44 percent to register at 7,452 points in a session that saw a daily turnover of some EGP 382.5 million.

As foreigners were net sellers, the heavyweight Commercial International Bank (CIB) that was most traded for the day declined 1.27 percent to close at EGP 42.06 per share.

Out of 171 listed securities, 44 gained and 84 witnessed losses.

The blue chip property developer Talaat Moustafa Group (TMG) dipped 0.67 percent to be traded at EGP 5.97 per share.

Orascom Telecom Media and Technology (OTMT) dropped 1.37 percent to close at EGP 0.72 per share.

However, the telecommunication sector was up led by the gainer Telecom Egypt (TE) that went up 2.74 percent to EGP 8.62 per share.

Egypt’s leading investment bank EFG Hermes also rose 1 percent to close at EGP 11 per share.

The broader index EGX70 inched up 0.19 percent.

 

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