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Egypt stocks slip slightly amid new political uncertainties

Benchmark EGX30 index dips 0.2 per cent on recent Tahrir Square clashes as trade volumes jump from Sunday's levels

Ahram Online, Monday 15 Oct 2012
Egypt stocks slip slightly amid new political uncertainties
Egypt's stock exchange reopening session after a nearly two-month closure, in Cairo, Egypt Wednesday, March 23, 2011 (Photo: AP)
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Egyptian stocks maintained their downward trend on Monday due to ongoing political disturbances and uncertainty. The benchmark EGX30 index slipped 0.2 per cent for the day to close at 5,712 points.

Over the weekend, protests in Cairo's Tahrir Square eventually led to clashes between opponents and supporters of Egyptian President Mohamed Morsi.

Egyptian stocks began to slide early last week on the back of Morsi's Saturday speech marking the 6 October national holiday, in which the president warned of imminent corruption investigations targeting several unnamed companies.

Uncertainties as to the fortunes of several big firms also helped to discourage the market on Monday.

Earlier this week, a spat between the presidency and judiciary over the ostensible resignation of Egypt's prosecutor-general also contributed to mounting political uncertainty.

Of the 178 stocks traded on Monday, 105 lost value while only 42 gained. The broader-based EGX70, meanwhile, which mostly attracted local investors, registered greater losses, falling by 1.24 per cent.

Total daily turnover reached some LE446.5 million for the day after falling to a mere LE383 million the day before – less than half of the levels recorded a few weeks ago.

Blue chips EFG-Hermes and Commercial International Bank, meanwhile, led the market in terms of turnover, with both closing in the green, rising 2.63 and 1.5 per cent respectively.

Orascom Construction Industries, for its part, closed the day in the red, shedding some 1.79 per cent.

Non-Arab foreign investors were the day's only net buyers, picking up some LE 44 million in stock. Egyptian investors, meanwhile, were net sellers, chalking up net sales of some LE43 million. 

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