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Wednesday, 20 November 2019

Egypt's main index dips despite Telecom gains

The real estate sector is weighing the index down with drops in Heliopolis Housing and SODIC

Ahram Online, Sunday 26 Oct 2014
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Views: 544

Egypt's market saw its two main indices fall slightly on Sunday amid losses and gains by the real estate and telecom sectors respectively.

Benchmark index, EGX30, inched down 0.25 percent to 8,775 points and daily stock turnover recorded LE515.8 million.

In the telecommunications sector, Telecom Egypt climbed 4.38 percent to LE12.81 per share and Orascom Telecom Media and Technology Holding (OTMT) gained 4.67 percent to LE1.1 per share.

Investment bank, Egyptian Financial Group-Hermes gained 0.7 percent to LE15.66 per share while blue chip, Commercial International Bank (CIB), fell 0.45 percent to LE46.5 per share.

The real estate sector, however, was dragging the main index down, with Heliopolis Housing falling as much as 2.82 percent to LE49.2 per share and Six of October for Development and Investment Company (SODIC) dropping 1.94 percent to LE14 per share.

Talaat Moustafa Group (TMG) holding also inched down 0.31 percent to LE9.55 per share and Palm Hills for Development (PHD) company lost 1.29 percent to LE3.75 per share.

Broader index, EGX70, dropped 0.89 percent.

Egyptian investors were net sellers in the tune of LE37 million while Non-Arab foreign investors were net buyers to LE29.8 million.

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