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Thursday, 14 November 2019

Egyptian stocks slip on Sunday due to profit-taking

Main EGX30 index falters as foreign buyers fail to counterbalance domestic profit-taking after previous record-breaking week

Ahram Online, Sunday 23 Mar 2014
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Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Photo: Reuters)
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Egypt’s main stock index slipped by 0.1 percent on Sunday as local institutions sought to cash in on profits after a record rise last week.

The EGX30 began the session by spiking to 8,534 points before falling to sit at 8,451 points at the close, as foreign buying activity failed to counterbalance domestic profit-taking.

The market had reached record highs last week in both value and turnover, unseen since before Egypt’s 2011 revolution.

Sunday’s performance brings the year-to-date percentage change in the benchmark index to 24.6 percent.

Egyptian investors were net sellers to the tune of LE44.4 billion, with local institutions net-selling LE65.9 million worth of shares, while Arab investors were net buyers for LE36.5 million.

Non-Arab foreign investors accounted for below 3 percent of market activity after making up 22 percent of trading last Thursday. They were net buyers of LE7.9 million worth of shares on Sunday.

Blue chip stocks that had been buoyed by foreign buying last week fell, as Commercial International Bank (CIB) dropped 0.55 percent to trade at LE38.14 a share.

Investment bank EFG-Hermes dropped 1.80 percent to LE13.12 a share.

Global Telecom Holding also fell 0.61 percent to close at LE4.90 a share.

Property developer TMG Holding saw its share price falter 0.35 percent to LE8.48 a share.

Other prominent stocks such as real estate giants Six of October Development and Investment (SODIC) and Palm Hills Development were still in the green when the market closed. SODIC rose 2.94 percent to trade at LE29.78 and Palm Hills was up 0.73 percent, reaching LE4.12 a share.

Telecom Egypt also continued its ascent, rising 2.46 percent to trade at LE17.11 a share.

The broader EGX70 index also dropped 0.1 percent.

Turnover on Sunday was weaker than at the preceding record-breaking session, reaching LE1.07 billion, compared to Thursday’s LE1.6 billion.

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