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Egypt stocks stem losses, signal possible rebound

Stocks in Cairo dropped 0.53 percent on Monday after experiencing heavy losses a day before on oil prices hitting a four-year low

Ahram Online, Monday 13 Oct 2014
Egyptian stock exchange
Egyptian stock exchange (photo: Reuters)
Views: 810
Views: 810

Egypt's main index finished down on Monday but by a smaller amount than the day before, signaling a possible bounce, an analyst has said

The benchmark EGX30 index dropped 0.53 percent to record 9,115 points, while daily stock turnover registered LE583.3 million.

Market losses were slight on Monday, signaling a possible recovery as some Arab markets already have already begun bouncing back, Hassan Kinawy, head of the local institutions desk at HC brokerage, told Ahram Online.

On Sunday, Middle East markets plunged after global oil prices fell to a four-year low.

The Saudi Arabian index saw a 2.29 percent rise and the Dubai Financial Markets index increased 1.93 percent on Monday.

Foreigners continued to be net sellers for the second consecutive day to the tune of LE28.3 million.

Blue chip stock Commercial International Bank (CIB) has already rebounded, gaining 0.38 percent to LE46.95 per share.

Telecom Egypt (TE) and Global Telecom Holding (GTH) also managed to make gains, rising 1.63 percent to LE13.31 per share and 1.27 percent to LE4.85 per share respectively.

Egypt's leading investment bank, EFG-Hermes, fell 0.91 percent to LE16.33 per share.

The real estate sector saw Talaat Moustafa Group holding (TMG) drop 0.67 percent to LE10.44 per share and Palm Hills for Development (PHD) fall 1.71 percent to LE4 per share.

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