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Egypt stocks start week down awaiting Morsi speech

Stocks dipped slightly Sunday on lacklustre trading ahead of an awaited speech by President Morsi

Ahram Online, Sunday 11 Nov 2012
Egypt Bourse
Traders watch daily operations at Egyptian Stock Exchange (Photo: AP)
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Egypt’s stocks declined slightly in the week’s first session as investors appeared focused on President Mohamed Morsi's awaited speech Sunday.

The main index EGX30 was down 0.02 per cent recording 5.610.35 points in a session that witnessed a daily turnover of LE198.2 million, the lowest in 10 months.

Many news reports said early Sunday that the president's speech may include a surprise.

The broader index, the EGX70, slumped 0.2 per cent, with domestic investors selling LE3 million for the day.

The small participation of foreign investors ended trading as net-buyers with LE845,000.

Heavyweight shares Orascom Construction Industries and Orascom Telecom led the market’s gainers, climbing 0.4 and 0.8 per cent respectively.

The blue-chip Commercial International Bank slipped 0.2 per cent.

Property shares Talaat Mostafa Group and Palm Hills Development tumbled 1.4 and 0.3 per cent respectively, while Six of October Development and Investment (SODIC) rose by 0.2 per cent.

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