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Egypt’s stocks dwindle on foreign selling, profit taking

Stocks inch downwards as foreign investors are believed to be selling to make profits or limit losses

Ahram Online , Thursday 11 Dec 2014
The Egyptian stock market (Photo:Reuters)
Views: 2727
Views: 2727

Egypt’s market fell for the third consecutive session to its lowest level this week amid selling by foreign investors.

Benchmark index, EGX30, dropped 2.2 percent on Thursday to record 9,196 points and daily stock turnover registered LE768.7 million.

Non-Arab foreign investors were net sellers to the tune of LE64 million while Egyptian investors were net buyers to the tune of LE53 million.

“Foreign investors could be selling to make profits or limit losses,” Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.

Egypt’s market has been also influenced by this week's dip in global shares, Fathy added.

The MSCI world equity index was down 0.2 percent late Thursday afternoon while Brent Oil fell to $64.47 a barrel in US early deals.

Egypt’s market bellwether, Commercial International Bank, dipped 1.96 percent to LE40.15 per share.

State-run Telecom Egypt (TE) fell 2.34 percent to LE12.9 per share.

The telecommunications sector also saw Global Telecom Holding and Orascom Telecom Media and Technology Holding fall 1.93 percent to LE3.95 per share and 2.86 percent to LE1.35 per share respectively.

Real estate developer, Talaat Moustafa Group holding decreased 1.62 percent to LE10.31 per share and Palm Hills for Development company was down 2.8 percent to LE4.13 per share.

Broader index, EGX70, dropped 2.37 percent.

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