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Egypt stocks down 0.6pct on profit taking

Profit taking by domestic investors pushed down Egyptian stocks Wednesday after three-day buying run

Ahram Online, Wednesday 18 Sep 2013
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Egypt's stocks fell Wednesday as domestic investors preferred to take profits resulting from the previous three trading sessions.

The main EGX30 index dropped 0.6 percent, recording 5,515 points, despite foreign investors being net buyers at LE20.6 million.

"It was expected after gaining over last three sessions, while wholesale selling drives stock prices down," said Eissa Fathi, vice head of the securities division at the Cairo Chambers of Commerce. 

Egyptians were net sellers with LE24.1 million in a session that saw a daily turnover of listed securities worth some LE353.2 million.

Market heavyweight shares Commercial International Bank and Orascom Telecom slipped 0.03 and one percent respectively.

The three main real estate developers — Talaat Mostafa Group, Palm Hills Development and Six of October Development and Investment Company — declined 0.8, 0.4 and 1.3 percent respectively.

The broader EGX70 index fell 0.12 percent.

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