Egyptian stocks down 0.9% on Thursday

Ahram Online, Thursday 11 Jul 2013

EGX30 falls 0.9% to 5,276 on Thursday due to profit-taking by investors after strong gains on Tuesday and Wednesday

stock market
An Egyptian trader talks as she monitor her screen at the stock market, in Cairo (Photo: AP)

Egypt's benchmark EGX30 index lost almost 1 percent on Thursday to end the session at 5,276 points.

The fall was mostly due to profit-taking by investors who wanted to benefit from the market's rise over the last two sessions. 

The bourse gained almost 4 percent on Tuesday and Wednesday after Egypt's interim president Adly Mansour issued a constitutional declaration on Monday evening that set a timetable for constitutional reform and elections. 

Domestic investors and Arabs closed as net buyers while foreigners closed as net sellers. Egyptian investors shifted from being net sellers during the last month to become net buyers since Mohamed Morsi's ouster.

Turnover fell to normal levels after registering LE727.6 million ($103.9 million) on Wednesday. Thursday's turnover was almost LE300 million.

Out of 171 stocks traded during the day, 36 gained while 104 fell.

The real estate sector led the market in terms of turnover and ended the day on a mixed note with Egyptians For Investment & Urban Development and Palm Hills gaining 9.94 percent and 1.23 percent respectively, while Six of October Development & Investment (SODIC) and TMG Holding lost 1.96 and 1.5 percent.

Blue chip Orascom Construction Industries gained 0.38 percent.

Other big caps Commercial International Bank (CIB Egypt) and Orascom Telecom Holding (OT) lost 2 and 0.46 percent respectively.

The broader EGX70 index finished up 1.33 percent. 

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