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Egypt's stocks close in the red after brief Sunday morning rally

Friday push of global markets fuels initial EGX30 rally, but uncertainty about coming week's performance hampers investors' appetites

Ahram Online , Sunday 19 Oct 2014
Stock Market
Another day of life on the Bourse (Photo:AP)
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Egypt's main index closed 0.81 percent down on Sunday as ongoing doubt about the performance of global markets reversed gains made early in the session.

The EGX30 rose to a peak of 8,753 points on Sunday morning as investors sought to capitalise on news of a rally of European and US stocks on Friday after two weeks of losses, prompted by better than expected US corporate earnings and positive consumer sentiment.

But uncertainty about whether this rebound would extend on Monday ultimately drove down the Egyptian bourse to close at 8,524 points, Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

"It's Sunday and US and European markets are closed, so there is no reference for Egypt investors to follow, who prefer to close their positions and take their profits in case there is a decline tomorrow," said Fathy.

Turnover was weak at LE474 million, as Egyptians sold a net LE10.2 million worth of shares, non-Arab foreigners were net sellers for LE8.3 million and Arabs net-sold LE1.9 million worth of shares.

Market bellwether Commercial International Bank (CIB) slid 0.57 percent to LE45.22 a share.

Cairo-based investment bank EFG-Hermes saw its share price rise 1.05 percent to LE15.41.

Property developer Palm Hills Development Company inched down 0.27 percent to LE3.75, while TMG Holding rose 0.74 percent to LE9.57. Six of October Development and Investment Company (SODIC) fell 3.82 percent to close at LE13.83.

Global Telecom Holding plunged 5.84 percent to close at LE4.19.

Regional stocks were down on Sunday, as Dubai fell 4.95 percent, Saudi Arabia 3.59 percent, Abu Dhabi 2.29 percent and Kuwait 1.74 percent.

Egypt's broader EGX70 index was down 0.65 percent.

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