Egypt’s stocks dipped on Monday's session as institutions were net sellers, following gains made ahead of an investment conference that ended on Sunday with billions of dollars of deals signed.
Benchmark index EGX30 slipped 2.03 percent, registering 9,529 points, and daily stock turnover recorded around LE454 million.
“The market rallied 10 percent a year to date in anticipation of the conference. Once the conference happened, investors realised that such news is discounted in the stocks and hence the sell-off started," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.
On Sunday, Egypt saw the close of a three-day investment summit held in Sharm El-Sheikh through which its wealthy Gulf allies Saudi Arabia, the United Arab Emirates, Kuwait and Oman pledged an additional $12.5 billion in aid and investments. Additionally, investment deals worth $36.2 billion were signed.
Arab investors were net buyers to the tune of LE23 million.
Contributing 43 percent to all stock trades in the session, institutions were net sellers to the tune of LE78 million.
Market bellwether, Commercial International Bank CIB, dropped 2.07 percent to LE57 per share.
The real estate and telecommunication sectors, leading vehicles of the market, were the main decliners, with Global Telecom Holding and Madinet Nasr Housing falling as much as 3.64 percent to LE3.68 per share and 3.06 percent to LE34.52 per share respectively.