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Egypt's main index ends week of gains in red

Egypt's stock market dropped Thursday at week's end after a steady upward run lasting several sessions

Ahram Online, Thursday 23 Oct 2014
Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's market registered mild losses Thursday following three consecutive sessions of gains.

The benchmark EGX30 index inched down 0.17 percent to register 8,797 points with daily stock turnover of LE678 million.

Non-Arab foreigners were net buyers to the tune of LE51 million.

Orascom Telecom Media and Technology (OTMT) Holding was the biggest gainer in the main index, rising 3.88 percent to LE1.08 per share and seeing LE95.5 million in turnover.

Naguib Sawiris, the founder of OTMT and a telecommunications tycoon, was appointed executive chairman and CEO of the company Wednesday following the resignation of predecessor Ahmed Abou Douma for personal reasons.

Telecom Egypt inched down 0.63 percent to LE12.79 per share.

In the real estate sector, Talaat Mustafa Group (TMG) Holding dropped 1.11 percent to 9.73 per share and Palm Hills Development (PHD) Company declined 1.02 percent to LE3.83 per share.

Six of October Development and Investment Company (SODIC) shares increased 1.01 percent to LE14.76 per share.

The broader EGX70 index fell 0.48 percent.

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