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Egypt's stocks down on profit taking

Egyptian shares fall slightly after important gains made in the last few last sessions, but the real estate sector remains solid

Ahram Online, Tuesday 10 Jun 2014
Traders work at the Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's stock market traded in the red on Tuesday due to profit taking after hitting a nearly one-year high last week. The benchmark index EGX30 lost 0.31 percent to register 8,567.06 points.

Most of the EGX30's stocks fell in value, with the exception of several real estate shares – EFG Hermes, El-Sewedy Electric and Eastern Company.

"Many of the shares were considerably below their current levels from a few sessions ago, but the market is going through a normal profit-taking process," said Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online.

Abdel-Aziz notes that the real estate sector has been one of the market's most attractive, especially to local investors, since the relative recovery of Egypt's exchange.

Accordingly, T M G Holding gained 0.43 percent to LE9.29, while Six of October Development and Investment (SODIC) and Medinet Nasr Housing gained 0.73 percent to LE30.55 and 1.64 percent to LE37.25 respectively.

Egypt's largest investment fund EFG-Hermes gained 1.05 percent to LE15.37. The share was consolidated by news over a bid by Egyptian billionaire Naguib Sawiris and Belton Financial for a 20 percent stake in the investment bank – although a deal is far from being finalised.

Belton Financial Holding gained 9.99 percent to close at LE33.02.

Market bellwether Commercial International Bank (CIB) lost 0.87 percent to close at LE36.52 a share. Other big caps Telecom Egypt and Global Telecom Holding lost 0.69 percent to LE14.48 and 0.53 percent to LE5.61 respectively.

Egyptian and Arab investors were net sellers while foreigners ended the day as the only net buyers. Total turnover was lower than the last few sessions but remained relatively high at LE719.2 (almost $100 million).

Out of 169 stocks traded over the day, 51 gained in value while 102 declined.

The broader index EGX70 lost 0.3 percent.
 

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