Last Update 21:32
Monday, 19 August 2019

Egypt's stocks slide on profit taking

Ahram Online , Sunday 27 Mar 2016
Share/Bookmark
Views: 721
Share/Bookmark
Views: 721

Egypt's main index EGX30 dipped 0.9 percent on Sunday to 7,480 points, almost erasing last week's gains due to profit taking, according to Wafik Dawood, portfolio manager at Cairo-based Compass Capital.

The bourse has surged in the past two weeks after the central bank devalued the pound by around 14 percent in a single day to close the gap between the official and unofficial exchange rates.

Arab investors were net sellers to the tune of EGP 34.4 million, while Egyptian investors were net buyers to the tune of EGP 28 million.

Daily stock turnover registered almost EGP 795 million.

Blue chip Commercial International Bank (CIB) fell 2.38 percent to EGP 38.6 a share, and Orascom Telecom for Media and Technology (OTMT) declined 2.53 percent to EGP 0.76 per share.

Naguib Sawiris, OTMT CEO, expressed concerns in a newspaper column on Sunday that government approval necessary to complete his acquisition of CI-Capital, the investment banking arm of the CIB, was under "national security review."

Broader index EGX70 also slipped 0.3 percent.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.