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Egypt’s main index dips slightly on profit taking

Moderate decline on Sunday, after a record high of LE1.4 billion in Thursday's session

Ahram Online, Sunday 16 Mar 2014
 Egyptian stock exchange
A general view of the Egyptian stock exchange in Cairo August 18, 2013 (Photo: Reuters)
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Egypt's benchmark index made a moderate decline on Sunday, despite beginning the day's session on the rise.

The main index EGX30 inched down 0.17 percent to register 8,126 points.

“The index dropped as a result of modest profit taking,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Listed stock turnover remained above LE1 billion ($144 million), following its record high LE1.4 billion ($201 million) in the previous session.

Non-Arab foreign investors were net buyers to the tune of LE58 million ($8.3 million).

Market bellwether Commercial International Bank (CIB) inched up 0.3 percent to LE37.03 ($5.3) per share.

Real estate companies Palm Hills Development and Amer Group also saw their share prices rise – up 1.06 percent to LE3.81 ($0.55) per share and 4.94 percent to LE1.66 ($0.24) per share respectively.

In the same sector, Talaat Moustafa Group (TMG) and Six of October Development and Investment Company (SODIC) saw their share prices fall – down 0.84 percent to LE8.15 ($1.17) per share and 0.12 percent to LE25.24 ($3.63) per share respectively.

Other decliners included Global Telecom Holding and Orascom Telecom Media and Technology (OTMT), which inched down 0.43 percent to LE4.59 ($0.66) per share and 2.68 percent to LE1.42 ($0.2) per share respectively.

The broader index EGX70 fell 0.42 percent.

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