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Egypt's stocks decline amid low turnover

Financial services and real estate sectors, once the driving force for the index, lead the losses on Monday

Ahram Online , Monday 27 Apr 2015
Egyptian stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
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Almost all stocks in Egypt’s main index were in the red on Monday as trade values continue to fall for the second week.

Benchmark index, EGX30, declined 1.62 percent to register 8,493 points and daily stock turnover hit LE159 million.

The market bellwether, Commercial International Bank, was the only gainer in the index, edging up 0.06 percent to LE53.9 per share.

Financial services and real estate sectors, once the driving force for the index, lead the losses with Egypt’s leading investment bank, EFG-Hermes, dropping 5.08 percent to LE13.44 percent and real estate developer Palm Hills falling 5.36 percent to LE2.56 per share.

Egyptians, who contributed three quarters to all trading in the session, were net sellers to the tune of LE36.8 million, while Arab investors were contributed a mere seven percent to stock trade.

 

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