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Egypt's indices drop under domestic selling pressure on Monday

Main index and EGX70 down close to 1 percent as Egyptian investors net-sellers worth LE32.7 million

Ahram Online, Monday 28 Apr 2014
Traders work at the Egyptian stock exchange in Cairo
Traders work at the Egyptian stock exchange in Cairo, Aug. 18, 2013. (photo:Reuters )
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Views: 471

Egypt’s main index continued sliding on Monday, dropping nearly 1 percent to sit at 8,166 points as daily turnover climbed to record LE884 million.

Egyptian investors, who accounted for over 77 percent of trading, were net-sellers to the tune of LE32.7 million.

The majority of EGX30's shares were in the red. Orascom Telecom Media and Technology Holding (OTMT), the most traded stock with a turnover of LE128 million, fell 3.10 percent to LE1.25 a share.

In the same sector, Global Telecom Holding saw its share price drop 1.16 percent to LE16.64 a share, while Telecom Egypt (TE) inched up 0.14 percent to LE14.66 a share.

In the real estate sector, Palm Hills Development Company saw its share plunge 3.18 percent to trade at LE3.96 a share, Six of October for Development and Investment (SODIC) was down 2.97 percent to LE26.15 and TMG Holding shed 2.21 percent to close at LE8.84 a share.

The broader EGX70 index fell 0.78 percent.


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