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Tuesday, 19 November 2019

Egypt's stock decline on profit taking

Main index falls by more than 1 percent, with SODIC and Juhayna two of the only gainers in Tuesday's session

Ahram Online, Tuesday 9 Sep 2014
Staff at Egypt
Staff at Egypt's stock exchange market in Cairo, Egypt Tuesday, March 29, 2011 (Photo: AP)
Views: 861
Views: 861

Egypt's stocks made considerable losses on Tuesday as investors leaned towards taking profits, says an analyst.

The benchmark index EGX30 declined considerably by 1.06 percent to record 9,600 points as daily stock turnover registered LE986 million.

"Stocks unexpectedly declined considerably this session due to profit taking," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

Arab investors were net buyers to the tune of LE115.3 million while other foreign investors were net sellers to the tune of LE74.6 million.

Commercial International Bank (CIB) inched down 0.54 percent to LE47.98 per share.

Six of October for Development and Investments Company (SODIC) and Juhayna Food Industries were two of the few gainers in the EGX30. SODIC increased by 0.38 percent to LE51.36 per share and Juhayna gained 1.19 percent to LE10.28 per share.

In the real estate sector, both Talaat Moustafa Group (TMG) holding and Palm Hills Development (PHD) dropped. TMG fell 1.07 percent to LE11.11 per share and PHD declined 1.54 percent to LE4.5 per share.

Palm Hills will receive a loan worth LE2.4 billion from a consortium of banks managed by the Arab African Bank, National Bank of Egypt and Banque Misr.

Egyptian Financial Group-Hermes dropped 0.94 percent to LE18.91 per share.

The broader index EGX70 dropped by 1.85 percent.

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