Traders are seen working below the Egyptian Exchange bell at the stock exchange in Cairo (Photo: Reuters)
Egypt's benchmark EGX30 index fell 0.54 percent on Wednesday with most listed shares registering losses.
Among the day's 94 losers were prominent real estate stocks Palm Hills Development Company (down 2.5 percent), SODIC (down 2.21 percent) and TMG Holding (down 0.59 percent).
Orascom Telecom Holding, meanwhile, fell by 1.76 percent, while blue-chip Commercial International Bank fell by 1.85 percent.
The day's only gainer on the EGX30 was Orascom Construction Industries (OCI), which rose 1.3 percent after shareholders on Wednesday approved a takeover offer by Dutch-listed parent company OCI NV.
Earlier this month, OCI NV – which currently owns 70 percent of OCI's Egypt-listed shares – formally submitted a tender offer for all the firm's remaining shares on the Egyptian exchange, which it offered to buy at LE255 each.
If approved by the Egyptian Financial Supervisory Authority, the move would likely lead to OCI's delisting from the local exchange.
Egyptian investors were net sellers on Wednesday to the value of LE20.9 million, while Arab and non-Arab foreigner investors – accounting for 11 and 37 percent of the day's trading – were net buyers at LE11.3 million and LE9.5 million, respectively.
Total turnover on Wednesday for listed stocks stood at a modest LE137.6 million.
The broader-based EGX70 index, meanwhile, slid 0.79 percent for the day.
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