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Market report: Big caps drives EGX 30 down 0.7 per cent

Despite closing in the red, EGX 30 still hovers around record level

Khaled Barakat , Tuesday 11 Jan 2011
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Egypt’s benchmark index EGX 30 ended Tuesday’s session in the minus column, shedding 0.7 per cent , at 7154.

"Selling the leading stocks was the driving force behind the downtrend in the index for today," says Kamal Mahgoub, managing director of the Economic Community of Financial Advisors.

Equities market turnover stands at LE815 million.

Despite the decline, there remains a positive sentiment in the market as long as the EGX30 index stays above the 7,000 point level," explains Kamal.

"Globally, there are expectations of an economic rebound," added Kamal.

All leading stocks ended in the negative territory expect for Orascom Construction Industries (OCI), which rose 0.2 per cent to LE 291. Commercial International Bank (CIB) fell 1.4 per cent  to LE 44.5. EFG- Orascom Telecom Holding (OTH) also dropped 0.9 per cent to LE 4.3. Hermes tailed the list, losing 0.1 per cent  to LE 34.9.

Orascom Telecom Holding group will sign a deal within days to obtain a license to provide triple-play services in gated residential communities in Egypt, stated National Telecom Regulatory Authority’s executive president Amr Badawi.

Foreign investors tended towards selling their equities, recording sell turnover of LE 142.3 million.

Nationals dominated 72 per cent of total trading, while foreign and Arab investors accounted for 17 and 10.5 per cent, respectively.

Retail investors had the upper hand in the market, controlling 61.5 per cent of total trading. They tended towards buying.

On the bright side, National Housing for Professional Syndicates was the top mover to the upside, rising 15.3 per cent to LE 40.5. It was followed by Sharm Dreams Co. for Tourism Investment  that surged 9 per cent to LE 18.

Tracking stock movement, Egyptian Real Estate Group Beare Shares was the biggest drag on the overall Index, plummeting 4.8 per cent  to LE 62.6. Lecico Egypt Lecico followed, ending 4.3 per cent lower at LE 18.

Real Estate  was the most active sector, accounting for 16.3 per cent or above LE 39.6. million. Telecommunications followed, controlling 13 per cent or more than LE 72.3 million.

EGX 70, on the contrary, closed with a rise of 0.2 per cent to close at 781 points.

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