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Egypt's stocks decline for third day

Egyptian EGX30 index lost 0.46 percent, with foreign investors as net sellers

Ahram Online , Tuesday 21 May 2013
A view from the Egyptian stock market in Cairo (Photo: Reuters)
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Egyptian stocks on Tuesday continued on the downward trend which had marked the week’s trading, with benchmark index EGX30 losing 0.46 percent on Tuesday to close at 5,407 points.

This was despite a statement by Turkish Deputy Prime Minister Ali Babacan late on Monday that Turkey will increase its $1 billion credit line to Egypt by $250 million.

Out of 169 stocks traded over the day, 100 fell while only 28 gained in value, as foreign investors ended the day as net sellers. Arab and domestic investors were net buyers.

Orascom Construction Industries, the biggest market cap, dropped by 1.15 percent. Two other blue chips, Commercial International Bank (Egypt) and Telecom Egypt, lost 0.20 percent and 0.58 percent respectively.

Turnover remained relatively stable at LE239.7 million.

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