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Egypt's main stocks close down on Tuesday, pause gains wave

Ahram Online , Tuesday 22 Mar 2016
Egyptian Exchange bell
File Photo: The Egyptian Exchange bell is seen at the stock exchange in Cairo (Reuters)
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Views: 984

Egypt’s stocks went down on Tuesday to pause the spate of gains that have been seen since last week that followed the central bank’s decision to adopt a more flexible exchange rate, devaluing the pound against the dollar to stand at 8.78.

The market’s benchmark EGX30 went down 0.89 percent to register 7,430 points in a session that saw Arab investors as the only net buyers to the tune of EGP 61.5 million.

Out of 181 stocks that were traded during the day, 40 shares gained and 114 shed. Daily turnover for listed securities was worth some EGP 1.036 billion.

The heavyweight Commercial International Bank (CIB) declined 0.39 percent to close at EGP 40.75 per share.

Real estate developers Talaat Moustafa Group (TMG) and Emaar Misr dipped 1.11 percent and 1.86 percent to be sold at EGP 6.25 per share and EGP 2.64 per share respectively.

Telecom Egypt (TE) dropped 0.93 percent to close at EGP 7.46 per share.

Earlier on Tuesday, trading began on shares of the Arabian Food Industries Company (Domty) to end the first session up 9.24 percent, registering at EGP 10.05 per share.

Last week, Domty’s initial public offering of a total of 122,500,000 shares to international institutional investors and Egyptian retail investors was six times oversubscribed.

Broader index EGX70 inched up 0.04 percent. 

(Official exchange rate is currently $1= EGP 8.78)

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