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Egypt's stocks continue to decline for third session in row

Ahram Online , Wednesday 2 Mar 2016
Stock market (Reuters)
Egyptian Stock Market (Reuters)
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Egypt's main index EGX30 declined 0.64 percent on Wednesday, the third consecutive drop, to register 6,076 points.

Daily stock turnover amounted to EGP 429 million.

Non-Arab investors joined domestic investors as net sellers while Arab investors were net buyers to tune of EGP 11.4 million.

The bourse postponed the approval of the offering prospectus for the Domty brand company Arabian food industries until the firm sends a modified report from the independent financial advisor.

The dairy firm has set a maximum price of EGP 11.38 per share for its planned flotation on the Egyptian bourse, set to begin on Sunday, a market source told Reuters on Wednesday.

At that price, the company would raise up to 1.4 billion Egyptian pounds ($179 million) in the planned sale of a 49 percent stake, and the 88.5 percent family holding of Chairman and Managing Director Omar El Damaty would be worth some 2.5 billion, added Reuters.

Blue chip, Commercial International Bank (CIB), edged down 0.66 percent to EGP 32.7 per share and one of Egypt's leading investment banks, EFG-Hermes, dipped 0.7 percent to EGP 6.92 per share.

Leading real estate developers, TMG Holding, SODIC and Palm Hills for Development all declined, falling 1.02 percent to EGP 4.75, 1.32 percent to EGP 6.63 and 0.44 percent to EGP 2.22 per share respectively.

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