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Wednesday, 20 November 2019

Egypt's bourse opens week in the red

Egyptian and Arab investors were net sellers in Sunday's session

Ahram Online, Sunday 9 Mar 2014
Traders work at the Egyptian stock exchange in Cairo (photo: Reuters)
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Views: 841

The Egyptian stock market started the week in decline, with non-Arab foreign investors as net buyers.

The benchmark EGX30 index dropped 0.12 percent on Sunday to record 7,939 points.

Foreign investors continued to buy while Egyptian and Arab investors were net sellers at a value of LE13.5 million ($1.93 million).

Egyptian investors comprise 90 percent of all investors in the Egyptian stock market.

The daily turnover of listed stock registered around LE603 million ($86.6 million).

Juhayna food industries saw the largest decline, dropping 5.36 percent to reach a price of LE13.40 ($1.90) per share.

Safwan Thabet, the chairman and owner of Egyptian dairy company Juhayna, was given a one-year sentence in absentia on Thursday for producing products that do not meet market standards.

In the real estate sector, Talaat Moustafa Group Holding (TMG), Palm Hills Development (PHD), and Six of October Development Investment Company (SODIC) all saw their share prices fall. TMG inched down 0.5 percent to LE7.91 ($1.14) while Palm Hills and SODIC saw their share prices drop by 0.87 percent and 0.98 percent to LE3.38 ($0.50) and LE24.4 ($3.50) respectively.

Market bellwether Commercial International Bank also saw its share price fall 0.08 percent to LE36.77 ($5.30).

Among the few gainers in this session were Telecom Egypt and Global Telecom Holding which saw their share prices rise by 2.41 percent to LE15.4 ($2.20) and 1.08 percent to LE4.65 ($0.67).

The broader EGX70 index rose 1.01 percent.

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