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Egypt's bourse declines for third day in a row

Stocks down for three consecutive sessions after record high on profit taking

Ahram Online, Wednesday 10 Sep 2014
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Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Egypt's stocks went down on Wednesday for the third consecutive day on profit taking.
 
The benchmark index EGX30 lost 0.13 percent over the day to record 9,587 points, while daily stock turnover exceeded LE1billion ($140.8 million).
 
Foreign non-Arab investors were the only buyers, recording a net flow of LE102 million ($14 million), while Egyptian and Arabs were net sellers.
 
Egypt's main index achieved considerable gains last week to register a six-year record high, breaking the 9,500 resistance level, but investors have shifted to profit taking since Monday.
 
Financial services excluding the banking sector pulled the market down, with Pioneers Holding falling 37 percent to close at LE14.01, Egyptian Financial Group-Hermes Holding Company (EFG-Hermes) dropping by 1.1 percent to LE18.8 and Amer Group Holding losing 1.65 percent to close at LE1.19.
 
The real estate sector ended the day on a mixed note, with Palm Hills and Six of October Development & Investment (SODIC) losing 1.34 percent to LE4.43 and 1.21 to LE49.9, respectively. TMG Holding and Medinet Nasr Housing gained 1.26 to LE11.23 and 1.31 percent to LE43.30, respectively.
 
Market bellwether Commercial International Bank (CIB) gained, however, up 0.38 percent to LE 47.8. The market's other big cap Telecom Egypt gained 0.61 percent to close at LE 14.94.
 
Out of 183 stocks traded during the day, 138 lost in value and 24 gained.
 
The broader index EGX70 lost 2.39 percent.
 
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