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Egypt stocks start week in the red

The EGX30 slid down Sunday 0.1 pct, with the EGX70 shedding 0.63 pct

Ahram Online, Sunday 21 Sep 2014
Traders
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's main EGX30 index fell 0.1 percent Sunday to close at 9,718 points.

The index started the session with a steep rise, peaking at 9,816 mid-morning before declining in the afternoon.

A bomb exploded near the Ministry of Foreign Affairs in Downtown Cairo Sunday morning, killing three police personnel and injuring several others.

Egyptian investors were net-sellers to the tune of LE25 million, while foreign investors were net-buyers.

Total turnover of listed stocks reached LE633 million.

A large proportion of the benchmark index was in the red, including market bellwether Commercial International Bank (CIB) which shed 0.28 percent to trade for LE49.28 per share.

In the real estate sector, Six of October Development and Investment Company (SODIC) fell 1.26 percent to LE47.83 per share and Palm Hills Development Company slid 0.67 percent to LE4.43 per share.

Talaat Mustafa Group Holding rose 0.72 percent to LE11.13, as well as Medinet Nasr for Housing, which climbed 4.36 percent to LE47.89 per share.

Medinet Nasr had announced last week that its Tag Sultan project would be complete by October 2015 and generate LE2 billion (around $285 million) in sales revenues. Cairo-based investment bank EFG-Hermes inched down by 0.05 percent to LE19.29 per share.

Global Telecom Holding fell 0.96 percent to LE5.16, while Telecom Egypt slid 0.48 percent to LE14.60 per share.

The broader EGX70 index slipped 0.63 percent.

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