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Tuesday, 10 December 2019

Egypt stocks end week down on calls to boycott upcoming polls

Political, economic uncertainties combine to bring EGX30 down another half percent; Eastern Tobacco bucks trend to rise by whopping 4.4% for the day

Ahram Online, Thursday 28 Feb 2013
Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's stock market fell for the fourth consecutive day on Thursday, ending the week in the red amid ongoing political and economic uncertainties.

The main EGX30 index shed 0.5 percent to alight at 5,489 points, as Egyptian opposition groups announced plans to boycott upcoming parliamentary polls slated for the last week of April.

The broader EGX70 index, meanwhile, rose slightly by 0.2 percent in a session that saw total turnover of some LE312.4 million.

While investors in Egypt's bourse have decried a recent government decision to impose a 0.01 percent tax on all market transactions, global credit rating agency Fitch has said it expects Egypt's fiscal position to become riskier in the event that a proposed $4.8 billion IMF loan is delayed any further.

Egyptian investors ended the day as net buyers, picking up some LE16.2 million in stocks; foreign investors, meanwhile, were net sellers to the tune of some LE22.8 million.

Heavyweight shares Commercial International Bank and Orascom Construction Industries both declined for the day by 0.6 and 0.2 percent respectively.

Prominent communications stock Orascom Telecom, meanwhile, fell by 1.1 percent.

The day's big gainer was Eastern Tobacco, shares of which rose by a whopping 4.4 percent.

Property shares Palm hills and SODIC both closed down, by 1.3 and 0.6 percent respectively.

Egypt's Talaat Mostafa Group was the real-estate sector's only winner on Thursday, finishing the session up by 0.7 percent.

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