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Egypt's stocks keep falling, with modest daily turnover

Main index down 1.22 percent, part of a downward trend after the Central Bank of Egypt raised interest rates

Ahram Online, Monday 21 Jul 2014
stock market
The Egyptian stock market reopened on March 23, after closing on January 27 (Photo:Reuters)
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Egypt's stocks continued to slide on Monday on the back of the central bank's decision to raise interest rates, says an analyst.

The benchmark index EGX30 declined 1.22 percent to register 8,471 points while the broader index EGX70 inched up 0.7 percent.

"Investors are worried about the implications of raising interest rates as the move encourages savings in place of more investments, such as in the stock market," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.

Daily stock turnover was almost LE400 million.

Foreign investors were net buyers to the tune of LE49.3 million while Egyptian investors were net sellers to the tune of LE31.7 million.

"Foreign investors take the opportunity of falling prices ahead of holidays," said Fathy.

Egypt is currently celebrating the holy month of Ramadan, when Muslims fast from dusk to dawn, which ends with Eid Al-Fitr celebrations in a week.

With the exception of Sidi Kerir Petrochemicals, all of EGX30's shares were in the red.

The chemicals company inched up 0.26 percent to LE19.02 per share.

Market bellwether Commercial International Bank (CIB) declined 1.6 percent to LE38 per share and Egypt's leading investment bank Egyptian Financial Group-Hermes (EFG-Hermes) dropped 1.93 percent to LE15.19 per share.

Real estate giant Talaat Moustafa Group (TMG) Holding fell 1.62 percent to LE9.1 per share.

Palm Hills for Development (PHD) Company dropped 1.45 percent to LE4.07 per share and Six of October for Development and Investment Company (SODIC) declined 1 percent to LE37.99 per share.

The telecom sector saw Global Telecom Egypt inch down 0.39 percent to LE5.17 per share and Telecom Egypt fall 0.3 percent to LE13.38 per share.

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