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Egypt index drops as foreigners sell on Monday

Ahram Online , Monday 23 May 2016
Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)
Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)
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Egypt’s benchmark index fell on Monday as foreigners dumped shares and the heaviest stock dropped sharply.

The EGX30 slid 1.04 percent to reach 7,417 points at market close, as market bellwether Commercial International Bank (CIB), which accounts for almost a quarter of the index’s value, saw its share price tumble 2.4 percent to EGP 42.26.

Real estate shares were also down, notably property heavyweight TMG Holding, which fell 1.16 percent to EGP 5.95, Emaar Misr for Development, which slid 1.67 percent to EGP 2.35, and Palm Hills Development Company, which closed 1.98 percent down at EGP 2.47.

Six of October Development and Investment fell 1.46 percent to EGP 10.38.

Gainers included Global Telecom Holding, which rose 0.66 percent to EGP 3.03, and state-owned landline operator Telecom Egypt, which inched up 0.25 percent to EGP 7.96.

Non-Arab foreign investors were the net-sellers of the session to the tune of EGP 37 million, with non-Arab foreign institutions dumping a net worth of 33.8 million shares, according to EGX data.

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