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Egypt's index closes down as blue chips take a dip

Ahram Online , Wednesday 11 May 2016
Egypt
Egypt's stocks (Reuters)
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Egypt's main index closed down on Wednesday as blue chips took a dip and amid net selling by Egyptian investors.

Benchmark index EGX30 dropped 1.55 percent to 7,503 points, and Egyptians, who represented more than 80 percent of the session's trade, were net sellers to the tune of EGP 13 million.

Market bellwether Commercial International Bank (CIB) declined 1.9 percent to EGP 43.41 a share and Global Telecom Holding fell 2.19 percent to EGP 2.69 per share.

One of the region's leading investment banks, EFG Hermes, dropped 1.1 percent to EGP 9.95 per share, after reporting a shift to losses with a net loss of EGP 63.66 million in the first quarter of 2016.

State-run Telecom Egypt also edged down 0.87 percent to EGP 7.9 a share.

Leading real estate developer Talaat Moustafa Group Holding fell 1.42 percent to EGP 6.23 per share despite reporting an 11 percent increase in net profits for the first three months in 2016 to EGP 207.8 million.

Edita Food industries, which announced the distribution of stock dividends at the end of the month, saw its share inch up 0.03 percent to EGP 38.5 per share.

Daily stock turnover hit around EGP 625 million.

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